Lawmakers recently deliberated on the US stablecoin bill, which is a major factor that could change the crypto regulatory scenario in the United States.
The US crypto industry has been anticipating a stablecoin bill, which is reportedly in the works. A news report noted how lawmakers met recently to deliberate on the US stablecoin bill. The House Financial Services Committee Chairman, Patrick McHenry, and Rep. Maxine Waters met Chuck Schumer. Schumer is the Majority Leader of the US Senate.
Since US lawmakers are divided on the issue of a central bank digital currency (CBDC), the US stablecoin bill has claimed prominence. Moreover, once the bill becomes law, US crypto firms issuing stablecoins will likely see transparent regulations. The bill will also mark significant progress in the US crypto regulatory framework.
At the same time, McHenry, a long-time crypto advocate, will retire from Congress in 2024. He has been behind several initiatives to regulate crypto, including approving two bills in 2023. But the bills haven’t moved ahead yet.
In the US, stablecoin regulation has found supporters among international organizations and other government arms. Janet Yellen, the US Treasury Secretary, also urged Congress to draft suitable stablecoin regulations for the country. On the other hand, the International Monetary Fund (IMF) has also stressed on the importance of stablecoins.
In the US, Senators Cynthia Lummis and Kirsten Gillibrand have spearheaded efforts for stablecoin regulation. Lummis has also been a supporter of the crypto sector.
BlackRock, the biggest asset manager in the world, has also promoted stablecoins in the US. With global asset management firms backing stablecoins, the US crypto sector could soon see a key development in this space.
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