New Compliance Blog post tackles navigating the evolving digital asset landscape

A growing patchwork of state laws and pending federal legislation are beginning to define the regulatory future of digital assets—including cryptocurrency, blockchain technology, and stablecoins. A new Compliance Blog post provides a high-level overview of three federal bills that could establish a national framework for stablecoin issuance and broader digital asset oversight, including: 
•    The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which establishes a dual state/federal framework for stablecoins issued by licensed institutions and has been passed by the Senate. 
•    The Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act, which proposes a “federal-first” oversight model with emphasis on consumer protection and AML compliance and has been introduced in the House; and 
•    The Digital Assets Market Clarity (CLARITY) Act—also introduced in the House—which categorizes digital assets as securities, commodities, or stablecoins and assigns oversight accordingly. 

In addition, America’s Credit Unions has released a 50-state survey table for members, outlining how each state currently regulates digital assets. Key takeaways from the survey include: 
•    At least 34 states have issued statutory or administrative guidance around digital asset licensing, money transmission laws, or digital asset definitions;
•    Seven states—including California, Texas, and Virginia—explicitly permit the custody of virtual assets by chartered entities or digital asset depositories; 
•    Six states impose specific restrictions or protections, such as limits on stablecoins, kiosk operations, or the use of CBDCs; 
•    Nine states operate fintech sandboxes or blockchain programs to pilot crypto use cases; and 
•    Four states offer carve-outs for non-custodial services, peer-to-peer transfers, or certain direct sales. 

Read the full blog post. For compliance questions related to digital assets or these pending bills, reach out to the Compliance Team at compliance@americascreditunions.org.