A bipartisan group of Senate Republicans is pressing U.S. financial regulators to clarify how capital standards should apply to crypto-related activities. Led by Senator Cynthia Lummis, the lawmakers sent a May 27 letter to Federal Reserve Vice Chair for Supervision Miki Bowman, Federal Deposit Insurance Corp. Chairman Travis Hill, and Comptroller of the Currency Jonathan Gould. The outreach comes as the regulatory framework for digital assets remains a central focus of congressional and supervisory deliberations.

The letter acknowledges the March guidance that clarified the capital treatment of tokenized securities, but urges regulators to extend the same clarity to the on-balance sheet handling of digital assets more broadly. According…