USA approved its first regulation for Crypto dollars and other stablcoins

USA approved its first regulation for Crypto dollars and other stablcoins

This is the first comprehensive regulatory framework for Stablecoins in the United States. Two other regulations for cryptocurrencies obtained half a sanction in the American Congress.

The United States Representatives Chamber approved the Genius law On the closing of this Thursday, making it the first comprehensive legislation that regulates the stablecoins in the country, a variety of cryptocurrencies whose value is tied to an asset of the real world, commonly the dollar. The project only signs the project North American President Donald Trumpwho already expressed his support for the initiative.

The most outgoing aspect of the regulations promoted by the Republican Party is that it stipulates that the stablecoins linked to US dollar They have to Maintain liquid reserves in a parity 1 to 1. In addition, issuers must regular audits to ensure compliance with these provisions.

“This law will modernize the payment system, protect consumers and will consolidate the domain of the dollar in global digital finances“The Republican senator who promoted the regulations, predicted, predicted, Bill Hagertyafter approval.

Which will be from the Stablcoins market

Despite the optimism within the Trump government, the implementation of the law will face several challenges, including the effective supervision of the issues and the adaptation of companies to the new requirements. The Stablecoins market is mainly constituted by crypto dollars and, with a capitalization of U $ 260,000 millionis dominated by Tether (USDT) and USD Coin (USDC)which represent 60% and 25% of the market, respectively.

US Congress.

US Congress.

US Congress.

In this sense, Tetherconfirmed a month ago that he is considering launch a stable currency exclusively directed to the US market. The company’s CEO, Pablo Ardoino, had pointed out that the American financial ecosystem requires a different solution to USDTwith functionalities, rules and own compliance models for Respect the new legislation.

The still pending projects

The next steps include the TECHNICAL REGULATION OF THE PROVISIONS contained in the Genius lawas well as the approval in the Senate of the two remaining projects: the Clarity Law and the Anti-CBDC law. Once signed by the president, the Treasury Department and other agencies must design the specific criteria for licenses, supervision mechanisms and transparency standards.

In the case of Clarity, The project seeks to define when a token is a value or merchandise. It also allows projects to be certified as “mature blockchains”, reducing supervision if they are sufficiently decentralized. It also creates new registered categories for digital assets and brokers.

For its part, The anti-CBDC law would block any attempt at the Federal Reserve to issue a digital currency issued by a central bank, known as CBDC by its acronym in English.

Source: Ambito

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