U.S. federal agencies continue to withdraw or rescind previously issued crypto guidance. On May 15, the U.S. Securities and Exchange Commission (SEC) Division of Trading and Markets published a statement providing notice that the SEC Division staff is withdrawing a joint staff statement, issued on July 8, 2019, addressing broker-dealer custody of digital asset securities. In a similar action, on May 28, the U.S. Department of Labor published a press release providing notice that it has rescinded a 2022 compliance release "that previously discouraged fiduciaries from including cryptocurrency options in 401(k) retirement plans."
In another SEC action, on May 29, the SEC voluntarily dismissed its lawsuit against a major U.S. cryptocurrency exchange and its foreign-based holding company. According to the joint stipulation to dismiss filed with the court, the SEC said dismissal of the litigation was appropriate "in the exercise of its discretion and as a policy matter."
In legislative developments, on May 19, the U.S. Senate voted to close debate on the pending stablecoin bill, referred to as the GENIUS Act. The bill will now advance to the Senate floor. On the same day, the Congressional Research Service published a three-page summary of the bill. And on May 29, House Committee on Financial Services Chairman French Hill, R-Ark., introduced the Digital Asset Market Clarity (CLARITY) Act, which would establish a regulatory framework for digital assets in the U.S. A press release by the House Committee on Financial Services includes links to the full text of the bill and a one-page summary.
For more information, please refer to the following links:
- Withdrawal of Joint Staff Statement on Broker-Dealer Custody of Digital Asset Securities
- US Department of Labor rescinds 2022 guidance on Cryptocurrency in 401(k) Plans
- SEC Drops [] Suit in Latest Crypto Reversal
- Senate Advances Stablecoin Bill After Dem Backers Return
- CRS: Stablecoin Legislation: An Overview of S. 1582, GENIUS Act of 2025
- Chairman Hill Unveils Bipartisan Digital Asset Market Structure Legislation
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