A photo taken in London shows a stablecoin of gold plated gold emitted by Tether.
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Justin Tallis / AFP via Getty Images
The US Congress adopted the country’s autonomous crypto bill on Thursday.
Historical vote indicates a maritime change in the American position towards these digital currencies.
The Chamber approved the Bill on Engineering with a vote of 308-122 with significant democratic support, adopting regulations for a type of cryptocurrency called Stablecoins which, according to supporters, will fundamentally change the world of commerce.
It was a remarkable victory for the cryptography industry – and for President Trump, who campaigned in the United States “the cryptographic capital of the planet”. With his family, he also takes advantage of it, given their financial interests in a cryptographic enterprise which published its own stablecoin.
In fact, the president had a key role to play in his visit. Although the Chamber had easily had the votes to adopt the bill during what he had nicknamed “crypto weekend”, he came after an arduous process when some republican legislators opposed the way in which leaders had intended to spend two other bills of cryptography.
This finally demanded the intervention of President Trump to convince the legislators, then a very long vote to erase all procedural obstacles.
The Bill on Engineering law, which means “guide and establish national innovation for us, Stablecoin”, is now heading to the president’s office for its signature, because the Senate had already approved it last month.
“The advancement of this bill at the office of President Trump marks a historic stage for cryptographic entrepreneurs, participants in the financial market and everyday Americans,” said the Chairman of the Securities and Exchange Committee, Paul Atkins, in a press release.
With its passage, the United States now officially adopts a new set of rules for cryptocurrencies-those that criticism considers it too easy. It also marks a net turn to the Biden administration approach to try to follow the most difficult rules of Wall Street.
More cryptographic legislation should follow the law on engineering. There is another bill intended to give more clarity on regulatory agencies will supervise the different aspects of the crypto. Another seeks to ban the United States from adopting a digital version of the dollar. These, however, must now be adopted by the Senate.
So what are Stablecoins?
The new legislation will put more formal regulations around Stablecoins, which is considered by many to be a safer type of cryptocurrency. Indeed
So, if you buy $ 1 in Stablecoin, the transmitter that has provided you one must keep $ 1 in reserve. This means that when you want to collect it, you can be reimbursed quickly.
Stablecoins are a hot emerging part of the cryptography sector. The main players in the industry believe that stablecoins will allow people and businesses the possibility of transferring money as digital currency all over the world in the world, regardless of borders, without costly transfer or money transfer costs. They believe that the world of credit cards or cable transfers will be completely upset once they are largely adopted.
President Trump speaks during the Bitcoin 2024 conference in Nashville, tenn., Last year, when he presented himself for another mandate in the White House. Trump has become a vocal supporter of cryptocurrencies.
Jon Cherry / Getty Images North America
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Jon Cherry / Getty Images North America
This has attracted a lot of banks such as JpmorGanchase and retailers like Amazon and Walmart, who all plan to launch their own stabbles. For retailers, this could mean avoiding the credit card costs they pay when customers make purchases.
Controversial, even President Trump should now benefit financially from Stablecoins. World Liberty Financial, in which his family has financial interests, has issued a stablecoin called USD1 (although its market share is tiny).
The act of engineering comes after a heavy launch
The adoption of the bill intervened after intense lobbying of the cryptography industry, which spent more than $ 100 million in the Congress in races last year and built an even higher war box before the mid -year. This kind of expenses had criticism of calling a fault.
“This is what political power can buy you,” said Corey Frayer, director of consumer protection for the American consumption federation.
The war trunk of the crypto sector helps not only the supporters, says Frayer, they also silence the Democrats and other legislators who could be opposed, but “are simply afraid that the crypto will come in their city and spend huge sums of money against them”.
Among other aspects, the bill aims to formalize the rules for the floors, forcing that companies must ensure that they have appropriate reserves and provide information on their assets. It also presents anti-flowage rules and other regulations intended to respond to the concerns that stabbed are used by criminals such as ransomware pirates, drug cartels or even sanction diets.
But criticism warns that the rules are not strong enough, and they add that the bill would allow non -financial institutions to issue their own stablecoins without having to follow all the rules that banks and other financial companies must follow.
“The Stablescoin industry said it is a new payment system with better infrastructure than the payment system we have been using for years,” said Frayer. “But the goal of the bill is to give them the veil of the regulation.”
