U.S. Lawmakers Tackle Crypto Regulation to Unify the Industry
Republican lawmakers are swiftly addressing the cryptocurrency industry's primary desire: clear regulatory guidelines. Chairman French Hill of the House Financial Services Committee and other key senators announced plans for a bicameral approach with a specific focus on stablecoin legislation.
Stablecoins and Market Structure Bills in the Works
The first step will involve a bill addressing stablecoins, followed by a more comprehensive measure regarding market structure for cryptocurrencies. The US Stablecoins (GENIUS) Act, introduced by Senators Hagerty, Gillibrand, Lummis, and Scott, aims to establish a framework for stablecoin usage as payments.
Bipartisan Support and Timeline
Senator Scott expressed optimism about bipartisan collaboration and the bill's rapid progress. He aims to pass legislation through the Senate within a hundred days.
President Trump's Crypto Agenda
President Trump's campaign promise of making the US the "crypto capital of the planet" is being realized through executive orders and the formation of a presidential group led by David Sacks. This group is tasked with coordinating clearer regulation within the sector.
Presidential Promises and Ongoing Developments
While some of Trump's promises, such as prohibiting a US government CBDC, have been straightforward to fulfill, others require further evaluation. The feasibility of a "national digital asset stockpile" is an ongoing discussion.
SEC Crypto Task Force
The Securities and Exchange Commission (SEC) has established a new crypto task force under Commissioner Hester Peirce. Peirce urges patience and caution against unrealistic expectations for rapid improvements.