A US Senate has unanimously voted in the support of a bill that sought to allow eligible banks operating in Virginia to offer crypto custodial services.
The House Bill No. 253 was introduced by Christopher T. Head back in January 2022, which would allow banks to “provide their customers with virtual currency custody services”. It was later passed by Virginia lawmakers with a sweeping 39:0 vote. As we speak, the bill is now waiting to be signed by Governor Glenn Youngkin, which once approved will turn it into law.
In an opposite scenario, Fed Chairman Jerome Powell – who has time after time made it clear that he is not a fan of digital coins -, wants to regulate the crypto industry to thwart them from being used to finance terrorism and other illicit activities.
During his testimony before the House Financial Services Committee, Jerome said, “I just think [there’s] the need for Congressional action on digital finance, including cryptocurrencies. We have this burgeoning industry that has many parts to it, and there isn’t in place the kind of regulatory framework that needs to be. It’s probably no different with railroads, telephones, or the internet and ultimately what’s needed is a framework and in particular, ways to prevent these unbacked cryptocurrencies from servicing as a vehicle for terrorist finance and just general criminal behavior, tax avoidance, and the like.”
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