Appointed as the “Crypto Week”the United States Representatives Chamber will vote next week three projects that They could be a before and after for the digital assets ecosystem. It is a package of laws that establishes new regulatory frameworks for the operation of cryptocurrencies, an initiative that has approval in most companies in the sector. However, there are also those who claim that I could involuntarily weaken the dollar and international payments.
The own President of the United States, Donald Trumphe asked to accelerate the treatment of one of them, the genius law, before the August recess. The State Law on Anti-CBDC Surveillancealready approved by the lower house, which seeks to ban the Federal Reserve Issue a digital dollar centrally controlled, claiming concerns about privacy.
The remaining project is the Clarity Lawwhich seeks to establish a comprehensive market structure, clarifying which digital assets are values and which raw materials, and defining operational standards for exchange platforms. In addition, this regulation It would prohibit American government employees to use blockchain platforms of Chinese originarguing national security motifs.
The main course: the genius law
The Genius law Cryptocurrencies are focused on regulating a value tied to a real world asset, popularly known as “Stablecoins “ and whose two most important issuing are Tetherresponsible for USDT crypt dollarand Circle, creator of USDC
The project was also approved by the Senate last month and demand stronger supervision measures for this type of signatures. Specifically, it would establish that Digital assets have a 1 to 1 parity with their physical backupsadding more solid capital and transparency standards, together with federal supervision.
For the OKX Regional Manager, Karina Caudilloit is “a clear sign that legislators in the US are adopting a practical approach to innovation in digital assets.” On this point, he said that the initiative “creates a fundamental bridge for traditional finances They can explore payments and liquidations driven by blockchain technology. “
From Binance they explained to this medium that, if this regulation is approved, “Unregistered foreign issuers may not offer or put their stablcoins available to American peopleand the Federal Reserve will have the authority to restrict or deny access to foreign stablcoins if they represent risks to financial stability or consumer protection. “
Stablecoins boom?
Leader He argued that, if approved, “it is most likely that this stops a new wave of innovation.” And he added: “We will not only see more issuing, but stablcoins specifically developed to solve the needs of the real financial systemfrom remittances to on-chain settlements. “
Similarly, Binancehe said in one of his latest reports that “the law would allow banks, financial technology companies and even large retailers Issue coins backed by dollars under a single supervision frameworka measure that the market has waited for a long time. “
However, they clarified Scope that “companies that are not mainly dedicated to financial services will have restricted issuing STABLECINS OF PAYMENT, unless they obtain unanimous approval of the Stablecoins certification review committee.”
According to American treasure estimates, there are currently stablecoins circulating through a total of US $250,000 million, number that could rise to US $ 3,700 million by 2030. “That scenario becomes more likely with the approval of the Genius Law,” Treasury Secretary Scott Besent said last month.
A problem on the horizon?
So much, some considered that That scenario could be counterproductive. “It could be a genius or it could be evil,” Reuters recently told the investment director of Amundi Asset Management, Vincent Mortierthe largest asset manager in Europe.
Mortier argued that, since the stablecoins would have a 1 to 1 parity with the dollar, will drive the purchase of American treasure bonds. That would benefit the United States at first, but it could also represent problems for the US and other countries in the future.
“In doing so, an alternative to the US dollar is created, which could cause a greater weakening of the American currency,” said Mortier. “Because if a country drives a stablecoin, it could be perceived as if it were spreading the message that the dollar is not so strong.”
To that added the danger of Stablecoins private emitters become “quasibancos”threatening global financial stability. In fact, at the end of June the Bank of International Payments issued a similar warning, pointing out The potential of these assets to undermine monetary sovereignty and increase the Capital escape risk of emerging economies.
Source: Ambito
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