Lawmakers in the United States appear to be gearing up to enact regulations regarding stablecoins and the structure of the cryptocurrency market as early as August, according to the CEO of an industry advocacy organization speaking at a recent digital asset summit in New York.
This timeframe aligns with expectations expressed by the executive director of a key advisory council, who mentioned that comprehensive stablecoin legislation is likely forthcoming in the next few months.
“I believe we’re nearing completion on this for August […] there’s significant movement happening behind the scenes,” the CEO noted at the summit, which was also attended by various media representatives.
“I feel hopeful when the leaders of the relevant committees in both chambers and the White House show a willingness to act, coupled with bipartisan support in Congress ready to advance it,” she remarked.
A significant meeting took place at the White House during a recent summit on digital assets.
Bipartisan Support
During the summit, a Democratic Congress member expressed his belief that Congress should be able to advance both the stablecoin and cryptocurrency market structure bills by 2025.
He indicated that a substantial group of Democrats, numbering around 70 to 80, view stablecoin legislation as crucial for enhancing US influence through broader global access to the dollar.
“For the first time, these issues are within reach, but we need a minimum of 7 Democratic votes in the Senate to make it happen,” the CEO added, noting that “we’ve already secured 5 committee votes.”
Recently, a Senate committee gave the green light to a new act aimed at guiding the establishment of national standards for US stablecoins.
This proposed legislation outlines collateralization requirements for stablecoin issuers and mandates adherence to Anti-Money Laundering laws.
In 2024, the House approved a significant act focused on financial innovation and technological advancements in the cryptocurrency market, which is still pending approval from the Senate before it can be enacted into law.
Industry executives assert that establishing regulatory clarity in the US will yield more benefits for the crypto sector than even a designated Bitcoin reserve.
A recent executive order established a strategic Bitcoin reserve and a digital asset stockpile, fulfilling a campaign promise made earlier this year.
“Markets are anticipating a clear pathway for innovation along with defined regulations on stablecoins, institutional adoption, and taxation,” the CEO of a Web3 AI firm commented earlier this month.
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