May 22, 2024

USDF Statement on Congressional efforts to provide regulatory clarity

Congressional efforts to provide clarity can help banks safely meet customer needs.

The USDF Consortium appreciates the recent Congressional efforts to provide clarity on the regulation of digital asset activities. These efforts include providing clarity on the custody of digital assets through the repeal of the SEC’s SAB 121 (H.J.Res109) and providing clarity on the legal status of digital asset through FIT21 (H.R.4763).

This kind of regulatory clarity is critical to ensuring that banks have the ability to leverage new technology and deliver innovative services to their customers. When banks deliver new technologies, customers can access innovative services from trusted partners, backed by a stringent regulatory structure that ensures they remain protected.