The Congressional Research Service reports that federal regulators have frequently shifted their stance on banks' cryptocurrency activities across presidential administrations since 2017. Congress could clarify regulations through legislation like the CLARITY Act, with House and Senate versions proposing different scopes of permissible cryptocurrency activities for banks.
The Congressional Research Service indicated that Congress has the authority to establish clearer legislative rules defining which cryptocurrency activities banks are permitted to undertake, noting that federal regulatory approaches have varied based on agency leadership and policy changes.