Stablecoin Regulation in the United States: Progress and Challenges
Nieuwe stablecoin wet stukje dichterbij
The US government, like most other governments, is working on a growing number of laws for the crypto industry, including stablecoins. The industry considers this legislation as progressive, but there have been several obstacles to overcome. However, significant progress has been made.
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The Bill Passes the House of Representatives
CoinDesk reports that the bill has now been passed by the House of Representatives, leaving only the Senate and the White House for final approval. Since the Democratic party largely dominates these institutions, there are still some hurdles to overcome.
The White House, refusing to make concessions, has led the Speaker of the House of Representatives, Patrick McHenry, to pause the negotiations. According to CoinDesk, McHenry expressed his disappointment in the protracted negotiations that have already lasted for 15 months. However, he did not elaborate on the reasons for the rejection.
The bill, proposed by the Republican party rather than through bipartisan collaboration, must also be approved by the White House and the Senate. According to Democrat Maxine Waters from the House of Representatives, this legislation is a race to the bottom as it would introduce 58 different licenses, unnecessarily complicating the sector.
Nieuwe Amerikaanse crypto wetten komen eraan
This decision comes shortly after two new laws have been passed regarding consumer protection in the crypto industry. These laws aim to provide clear rules for the industry, which currently lacks regulatory clarity in the United States.
In early June, the US Securities and Exchange Commission (SEC) filed lawsuits against both Binance and Coinbase, alleging that they were selling unregistered securities. However, Coinbase had previously sued the SEC, arguing that the regulatory body does not establish clear rules.
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Coinbase fears that this lack of regulatory clarity will allow other countries to surpass the US in terms of crypto regulation. Therefore, regulation is crucial, but it is equally important that the laws themselves are of high quality.