In this report, we assess provisions in the House-passed CLARITY Act, the Senate discussion draft, and a new Senate Banking GOP request for information on provisions in these measures affecting financial-industry structure and banking activities. The measures are focused on recrafting the regulatory framework governing digital assets to promote rapid innovation, as well as to redefine SEC and CFTC authority. However, the bills also alter provisions affecting what banking organizations may do and who may own them, with the Senate Gop’s draft bill suggesting still greater restructuring might advance in that chamber’s legislation. This report focuses on these provisions, which could radically reshape which types of companies are allowed to own IDIs and what IDI parent companies may do….
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