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Ad Home / Crypto News / From GENIUS to CLARITY: Congress Weighs On-Chain Banking for US Depositories From GENIUS to CLARITY: Congress Weighs On-Chain Banking for US Depositories 01 Oct, 2026 By Pardon Joshua Pardon Joshua
Pardon Joshua Ngushual is a B2B crypto content writer and SEO/AEO specialist with over five years of experience covering blockchain, digital assets, and Web3 markets. He writes for leading crypto publications including CoinGape, CoinMedium, CoinNewsSpan, UnoCrypto, The Crypto Times, and Token Minds, with a portfolio spanning breaking news, market analysis, price predictions, prediction markets, and long-form editorial features on stablecoins, real-world assets (RWA), and blockchain PR. An Ahrefs-certified marketing professional, Pardon combines editorial craft with data-driven search strategy, building reusable content frameworks and optimizing for both traditional SEO and emerging AI-answer engines. He has developed full editorial pipelines aligned to strict publication house styles and delivered content audits and SEO strategy proposals for fintech and crypto clients. Read full bio Copied! Why Trust CoinGape CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information. Highlights
A nonpartisan Congressional Research Service (CRS) report published September 30, 2026, has put the debate over bank-permissible crypto activities back in the spotlight
The analysis details how the Senate version of the CLARITY Act (H.R. 3633) would formally add 11 categories of crypto activities, including digital asset underwriting and dealing, as permissible for all U.S. banking organizations and credit unions
Crypto accounts amplified the finding on October 1, quickly framing it as a watershed moment for institutional adoption
The CRS document breaks down two distinct versions of the CLARITY Act with materially different scopes
The House-passed bill allows banks to use digital assets or blockchain for any activity already permitted by law
The Senate-reported text goes further. It does not separate “business of banking” from “financial in nature” activities
Instead, it lets every insured depository institution and credit union engage in 11 defined crypto activities outright
Among those activities is digital asset underwriting and dealing, a scope that, as CRS flags, exceeds what banks can currently do in analogous traditional securities markets
Sen. Cynthia Lummis has argued this framing would let all U.S. banks freely buy and hold Bitcoin, calling it a supply shock that would push BTC prices “dramatically” higher
The already-enacted GENIUS Act (P.L. 119-27), signed into law in July 2025, had already moved the needle, making stablecoin issuance, custody, and related activities permissible for bank subsidiaries, with an effective date set for the earlier of January 18, 2027, or 120 days after final rules
The Federal Reserve followed up with two regulatory proposals for stablecoin issuers under that framework, signaling active rulemaking even without a final CLARITY vote
The optimism has a ceiling. The Senate failed a cloture vote 49–50 on September 15, stalling CLARITY in its tracks
Banking groups and New York legal associations opposed the bill ahead of that vote, citing deposit-flight risk if stablecoin accounts pay yields, and arguing that the underwriting language goes beyond prudent banking principles
CRS echoes those concerns in neutral language. Its report lists pseudonymity, crypto market volatility, collateral risk, and deposit-insurance moral hazard as unresolved safety-and-soundness questions
Credit unions face an additional constraint: the NCUA has not yet finalized its GENIUS Act rule governing stablecoin issuance through credit union service organizations (CUSOs), and a 1% investment cap remains a practical ceiling for smaller institutions
The regulatory path has not waited for Congress. The SEC and CFTC have already made nine separate moves to write crypto rules without CLARITY
That parallel track matters: if agencies lock in frameworks before a bill passes, legislative text may have to negotiate around an existing ruleset
Meanwhile, Revolut’s conditional OCC approval for a national bank charter illustrates how firms are seeking bank-level permissions through existing pathways regardless of congressional timing
Citi has noted the CLARITY setback as a headwind in its market outlook, even as it raised its 12-month Bitcoin target to $113,000
The key variable, analysts say, is whether any revived Senate text preserves Section 401-style principal holding permissions, or trims them to win the votes that fell short in September
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information
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