US Senate Advances Stablecoin Bill: A Step Towards Crypto Regulation
The United States is taking significant steps toward regulating the crypto space. Recent legislative actions signal a growing understanding and acceptance of digital assets like Bitcoin and stablecoins within the government. This week saw substantial movement on both stablecoin and blockchain-related bills, potentially setting the stage for clearer rules for the industry.
GENIUS Act Advances in the Senate
The Senate recently advanced the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act with a 66-32 vote. This bill aims to create a regulatory framework for stablecoins, addressing key questions about their issuance and oversight. According to the original report on Cointelegraph, the GENIUS Act seeks to define what constitutes a payment stablecoin and outlines who is permitted to issue them, including bank subsidiaries, credit unions, and approved non-bank entities.
“It outlines in a robust way just who’s allowed to do this and what they need to look like.”
Blockchain Regulatory Certainty Act Reintroduced
In the House, Representative Tom Emmer reintroduced the Blockchain Regulatory Certainty Act with bipartisan support. This bill seeks to provide legal clarity for blockchain developers and service providers who do not custody customer funds. The goal is to ensure that these entities are not classified as money transmitters, allowing them to operate more freely and innovate within the crypto space.
According to Rashan Colbert, director of US policy at the Crypto Council for Innovation, this clarification is crucial for builders and entrepreneurs in the blockchain industry.
Growing Crypto Adoption Fuels Regulatory Push
The increasing adoption of cryptocurrencies, particularly among minority communities, is adding pressure for regulatory clarity. With a significant percentage of Americans holding crypto assets, lawmakers are beginning to recognize the need for a comprehensive legal framework. One in five Americans hold crypto, and that number is even larger in the Black, Latino and Asian-American communities.
Conclusion
The recent advancements in both the GENIUS Act and the Blockchain Regulatory Certainty Act represent a significant step forward for crypto regulation in the United States. As Congress continues to address these issues, it’s crucial for individuals and businesses in the crypto space to stay informed and make their voices heard. The push toward broader market structure reform will be complex, but these initial steps indicate a growing willingness on Capitol Hill to engage with the crypto industry.
This article is based on reporting from Cointelegraph.
Disclaimer
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