A Congressional Research Service report published September 30, 2026, says the Senate version of the CLARITY Act would permit all U.S. banking organizations and credit unions to undertake 11 defined crypto activities, including digital asset underwriting and dealing. This is a proposal, not a change in law: a 49–50 Senate cloture vote on September 15 stalled the bill. The House-passed version is narrower, allowing banks to use digital assets or blockchain for activities already permitted by law.
CRS says the Senate version’s underwriting and dealing permissions would exceed what banks can do in comparable traditional securities markets. It also lists unresolved safety-and-soundness questions, including crypto market volatility and collateral risk. Separately, the enacted GENIUS Act permits certain stablecoin activities for bank subsidiaries, but those provisions take effect on the earlier of January 18, 2027, or 120 days after final rules. Credit unions still face an unfinished rule for stablecoin issuance through service organizations and a 1% investment cap.
