Avit tokens are legally classified as bank deposit tokens, not stablecoins, and are excluded from current stablecoin legislation despite their functional similarity

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Avit tokens are legally classified as bank deposit tokens, not stablecoins, and are excluded from current stablecoin legislation despite their functional similarity

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With stablecoin laws progressing through Congress, both the House and Senate versions of the legislation exclude bank-issued tokens backed by deposits
If they are purely backed by deposits and issued by a bank, then legally they are different. They’re simply a bank deposit using a different technology

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