The institutional adoption of cryptocurrencies Continue gaining impulse. The good recent performance of the crypto market, the imminent IPO from Circle —Asd the USD Coin (USDC) – and the legislative advances in several jurisdictions, especially in USAThey mark one New stage for the sector.
In this context, the Secretary of the Treasury, Scott Besentsaid Wednesday to Congress that the market of Stablcoins backed up for dollars could exceed US $ 2 billion in the next three years. Currently, these assets have a market capitalization close to US $247,000 millionrepresenting more than 96% of the total existing stablecoins.
“I think that legislation that supports ‘stablcoins’ with US Treasury bonds or Treasury letters will create a favorable environment to expand the use of the US dollar globally,” Besent said. “The two billion are a reasonable figure, and could even be overcome.”
Besent said that throughout the history of the dollar as an international reserve currency, Innovative mechanisms always emerged that consolidated their hegemonyand remarked that the government of Donald Trump It is determined to strengthen that status through stable digital currencies.
Genius law: first firm step in the Senate
On Wednesday, the US Senate voted in favor of moving forward with the Genius lawa bipartisan proposal that seeks to establish a clear regulatory framework for the ‘stablecoins’ issued within the country. The Upper House invoked the procedure of Cloture (End of debate) with 68 votes in favor and 30 againstwhich enables a final vote, scheduled for Monday, except agreement between leaders to advance it.
The president of the Senate Banking Committee, Tim Scott (Republican for South Carolina), one of the drivers of the project, described the law as “A crucial advance for financial innovation and national security”
The Genius law It requires that the stablecoins are fully backed by liquid assets called American dollarsit includes annual audits for emitters with more than US $ 50,000 million in circulationand establishes guidelines for digital currencies issued from abroad.
In parallel, Congress also debates the Stable Lawfocused on increasing the supervision, transparency and control of the sector, in addition to granting more powers to organizations such as Secthe Federal Reserve and the treasure itself. The text seeks to strengthen consumer protection within the crypto ecosystem.
A regulation still under construction
Although the genius law could be approved in the Senate shortly, its path in the House of Representatives It is not guaranteed. There, the Financial Services Committee has already advanced with its own project: the Transparency and Responsibility Law in Stablecoinswhich was approved in committee with 32 votes in favor and 17 against last May.
Internationally, other jurisdictions also advance with similar regulatory frameworks. Hong Kong already approved legislation on stable currencies, and official sources indicate that the new government of South Korea Work in a similar rule.
All this regulatory movement occurs in a context strongly politicized In the United States. The president’s relationship Donald Trump With the crypto world it generated controversies. Not only has projects promoted ‘own memecoins’but companies associated with their environment, such as Trump Media either World Liberty Financialthey have a growing presence in the digital asset market.
From the Democratic partyThey accuse Trump of conflicts of interest and to use its influence to profit through the crypto ecosystem That, at the same time, seeks to regulate from the Executive.
Source: Ambito
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