US Congressman Ro Khanna, a Democrat from California, stated at the Digital Assets Summit on March 18 that Congress ought to finalize both a stablecoin legislation and a crypto market structure bill within this year.
Khanna emphasized that around 70 to 80 Democrats now recognize the significance of stablecoin legislation in enhancing America’s global influence by providing more individuals with access to dollars.
Rep. Ro Khanna (right) at the Digital Assets Summit, March 18.
Stablecoins are emerging as a vital use case for cryptocurrencies, particularly in developing nations where access to physical dollars is limited. There are currently stablecoin proposals advancing through both houses of Congress, including a notable bill in the Senate.
Regarding the crypto market structure legislation, Khanna referenced the Financial Innovation and Technology for the 21st Century Act, also known as FIT21, which he collaborated on with former Representative Patrick McHenry. “I realize some adjustments will be necessary,” Khanna remarked, “but a fundamental market structure bill should be produced.”
Industry leaders have indicated that the cryptocurrency sector would gain significantly more from regulatory clarity in the US regarding digital assets than from a strategic Bitcoin reserve. At the time of this writing, cryptocurrency values, including Bitcoin (BTC), have decreased since the implementation of President Trump’s executive order related to the reserve.
Khanna critiques the president’s memecoin
While Khanna was enthusiastic about the prospect of Congress passing stablecoin and crypto market regulations this year, he expressed strong criticism of President Trump’s memecoin, Official Trump (TRUMP).
“I’ll put this out there to provoke thought,” Khanna remarked. “I’ve advocated for blockchain and crypto technology, but I find the notion of the president endorsing a memecoin to be troubling. I don’t believe any elected official should be involved with a memecoin, as these distractions undermine the fundamental technology and its potential.”
He continued, “We must acknowledge that such actions do not assist in persuading the American populace of the intrinsic value of the technology.”
Concerns about conflict of interest have surfaced regarding President Trump’s memecoin and his family’s involvement in crypto. Representative Maxine Waters has pointed out that the controversial memecoin could open avenues for corruption and pose risks to national security.
In response, California Representative Sam Liccardo has proposed a bill that would make it unlawful for US presidents, congressional members, senior government officials, and their immediate family members to issue or promote commodities, securities, or cryptocurrencies.
Magazine: X Hall of Flame: Memecoins will die and DeFi will rise again — Sasha Ivanov