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The law establishes a framework for the issuance and regulation of stablecoins, digital assets pegged to fiat currencies such as the US dollar.
UNN reports with reference to Reuters.
Details
A new record for cryptocurrency policy in the US – a stablecoin bill was supported by an overwhelming majority of a bipartisan vote in the US Senate, with a final result of 68 to 30 votes. The Republican-controlled House of Representatives must pass its version of the bill. The bill will then go to President Donald Trump’s desk for approval.
It should be noted that the bill aims to create reservation rules; it also aims to protect consumer rights and, finally, to ensure federal oversight of large issuers.
This is an important milestone. .. It establishes a regulatory regime for stablecoins, a rapidly developing financial product and industry, for the first time
It should be noted that the crypto industry has long insisted that legislators pass legislation that creates rules for digital assets. A clear structure could allow stablecoins to gain wider adoption.
The House of Representatives passed a bill on stablecoins last year, but the Senate, in which the Democrats had a majority at the time, did not pass the bill and it was rejected, reuters writes.
Trump sought to broadly revise US policy on cryptocurrencies after raising funds from the industry during his presidential campaign.
Bo Hines, who heads Trump’s Digital Assets Advisory Council, said the White House wants a stablecoin bill passed by August.
Reference
Stablecoins, like all cryptocurrencies, are based on a technology called “blockchain” – a decentralized ledger that eliminates the need for traditional banking channels.
Important: unlike Bitcoin or Ethereum, the most well-known “cryptocurrencies”, the value of stablecoins should remain stable.
The value of stablecoins is pegged to a traditional currency, such as the dollar, or to a supposedly safer asset, such as gold.
Stablecoins are used to exchange other crypto assets and make transactions in a decentralized financial system, bypassing banks.
Their use has now expanded to include “fast and inexpensive cross-border payments, especially useful in emerging markets”.
Let us remind you
Bill No. 13356 has been registered in the Verkhovna Rada, which allows the National Bank to include virtual assets in Ukraine’s gold and foreign exchange reserves. This will facilitate integration into global financial innovations.
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