The process of creating stablecoin regulations in the US may accelerate and be finalized soon, with notable figures voicing their approval. As reported by Bloomberg, Representative Sherrod Brown, known for his criticism towards cryptocurrencies, is now backing an initiative to draft new legislation on stablecoins – a move that has been under consideration for quite some time.
Sherrod Brown Pushes for Stablecoin Laws
On Tuesday, the Senate Banking Committee chairman announced his readiness to advance Stablecoin Legislation together with another bill. This proposed legislation aims to recover CEO pay from collapsed institutions and permits banks to collaborate with marijuana businesses. The passing probability is significantly boosted by Senator Brown, a Democrat from Ohio.
Stablecoin Laws Garner Attention from Many
Previously, Jeremy Allire, CEO of Circle, predicted that significant legislation concerning stablecoins would be passed in the US before 2024, indicating longstanding backing for such laws.
The $135.3 billion market for stablecoins, acting as a bridge between traditional finance and cryptocurrencies, remains largely unregulated. Though global regulatory bodies have been introducing new rules regarding cryptocurrencies, the US government has yet to pass comprehensive federal legislation on digital assets.
Stablecoin Laws To Help Boost The Market
In 2023, the cryptocurrency market experienced a significant bounce-back. Looking ahead to 2024, there’s optimism that the market will thrive even more, particularly for stablecoins. The increasing global usage of stablecoins underscores their essential role in blockchain technology. Given the market’s projected growth, enacting a solid Stablecoin law and regulation will be key to bolstering investor confidence and driving further market expansion.
In line with Allaire’s perspective, Circle’s Strategic Officer Dante Disparte underscored the urgency of establishing regulations for stablecoins. US legislators are taking action due to concerns over the misuse of cryptocurrencies, such as funding terrorism and drug trafficking. The US aims to mitigate these risks by introducing clear-cut guidelines that foster legitimate uses of stablecoins.
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2024-04-17 01:41