Congress passes landmark Stablecoin bill backed by Trump
Main Idea
The U.S. Congress passed a landmark bill to regulate stablecoins, backed by former President Donald Trump, establishing the first federal regulatory framework for the $265 billion stablecoin market.
Key Points
1. The bill is part of 'Crypto Week' and is championed by Republicans, with strong support from Trump, aiming to legitimize the stablecoin industry.
2. It sets regulatory rules for dollar-backed stablecoins to ensure they function as reliable mediums of exchange.
3. Prominent Democrats, including Senator Elizabeth Warren and Representative Maxine Waters, opposed the bill, citing concerns over risks if issuers fail.
4. Major banks like JPMorgan Chase, Bank of America, and Citigroup acknowledged the potential of stablecoins for cross-border payments and expressed interest in issuing their own digital tokens.
5. The bill is seen as a long-awaited legitimization of the stablecoin industry with 'relatively light-touch' regulation, according to Eswar Prasad of the Brookings Institution.
Description
In a historic development for the digital asset sector, Congress passed the first federal legislation to regulate stablecoins on Thursday. The bill, a centerpiece of what former President Donald Trump has dubbed “Crypto Week,” sets the groundwork for a regulatory framework overseeing dollar-linked tokens. The legislation gained broad bipartisan support in the House after previously
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