Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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The popularity of cryptocurrencies, such as Bitcoin, and their underlying blockchain technology presents both challenges and opportunities for the electricity sector. Cryptocurrency is a type of digital asset that is sometimes referred to as virtual currency. Cryptocurrency mining (“cryptomining”) is the process of va…
Decentralized finance (or defi) refers to the suite of financial activities and services that are facilitated by cryptocurrency and intended to be conducted without any sort of reliance on traditional financial tools or intermediaries. The range of activities encompassed under the heading of defi range from certain ac…
Policymakers have debated whether the Federal Reserve (Fed) should create a central bank digital currency (CBDC)—a “digital dollar.” A CBDC would share some of the technical features of cryptocurrencies (crypto)—that is, private digital currencies, such as Bitcoin, which are unsupported by any government authority. Th…
In July 2025, Congress passed the GENIUS Act (P.L. 119-27) establishing a regulatory framework for payment stablecoins. These digital assets use the same technology as cryptocurrencies but are backed by assets and their value, unlike that of cryptocurrencies, is intended to be stable against the dollar. Among the requ…
Read the report ↗The responsibilities of the Federal Reserve (Fed) fall into four main categories: monetary policy, regulation of certain banks and other financial firms, provision and oversight of certain interbank payment systems, and lender of last resort. This report summarizes issues for Congress in each of these areas, as well a…
Structure of the Federal Reserve The Federal Reserve Act of 1913 created the Federal Reserve (Fed) as the nation’s central bank. The Fed is composed of 12 regional Federal Reserve banks overseen by a Board of Governors in Washington, DC. Figure 1 illustrates the city in which each bank is headquartered and the area of…
On June 23, 2025, the House Committees on Financial Services and Agriculture reported H.R. 3633, the Digital Asset Market Clarity Act of 2025 (or the CLARITY Act). The bill would give the Commodity Futures Trading Commission (CFTC) a central role in regulating digital commodities and related intermediaries while prese…
In the United States, accounting and auditing standards are promulgated and regulated by various federal, state, and self-regulatory agencies. Accounting and auditing standards are also influenced by practitioners from businesses, nonprofits, and government entities (federal, state, and local). Many of the foundationa…
The Digital Asset Market Clarity Act of 2025 (CLARITY, H.R. 3633) passed the House Committees on Financial Services and Agriculture on June 10, 2025. The bill aims to transform digital asset regulatory landscape and redefine the regulatory roles at the Securities and Exchange Commission (SEC) and the Commodity Futures…
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Latest action: On agreeing to the Rules amendment (A001) Agreed to without objection.