The payment stablecoin law has finally received the agreement of members of the US Congress’ Financial Committee, clearing the way for the clarification of an emergent asset class that has the potential to fundamentally alter the digital world.
Eleanor Terrett, a media personality, reported that the measure was approved after nearly 11 hours of markup with a vote of 34-19, making it the second-most significant crypto legislation approved by the House’s ranking members this week.
Even though there was a rumour that some Democratic committee members tried to withdraw from this measure, in the end, a total of five Democrats signed the bill, which helped to ensure its success. The stablecoin bill preserves state regulators’ legal jurisdiction while retaining written requirements for stablecoin issuance.
The law was created in reaction to Democratic worries that stablecoin issuers would decide to opt in to be controlled by the states in order to avoid federal regulation. The measure now acknowledges the authority of both bodies while providing issuers and prospective users of these stablecoins in America with certainty.
General crypto regulation outlook in America
Regarding the regulation of cryptocurrencies, there is still a great lot of commotion in the larger digital currency ecosystem. Stakeholders in the industry, including some crypto-friendly legislators, have accused the Securities and Exchange Commission (SEC) of enforcing regulations.
SEC Chair Gary Gensler has frequently reiterated his belief that current securities regulations also apply to the crypto asset class despite pleas for regulatory clarification. Legal experts in the crypto community have criticised this stance in many ways, and with the Financial Committee’s two big steps towards crypto regulation this week, clarification may be brought at last.
