U.S. Congress Research Service Explores Federal Reserve Policy on Cryptocurrency

According to Odaily, the U.S. Congressional Research Service (CRS) has released a report addressing Federal Reserve policy issues, focusing on cryptocurrency and digital currency topics. The report outlines several policy considerations that Congress may wish to explore. Among these is whether cryptocurrency companies and other non-traditional firms with federal or state banking licenses should be granted direct access to the Federal Reserve's discount window and main accounts. Previously, the Federal Reserve denied main account access in a legal dispute with Custodia Bank. The CRS, a government organization, is responsible for outlining topics that the U.S. Congress may consider. The report also covers other cryptocurrency-related issues, including bank involvement in cryptocurrency activities, stablecoins, and central bank digital currencies (CBDCs).