Getty imagesThe United States legislators have adopted the first national cryptocurrency national legislation in the country.
This is an important step for the former marginal industry, which has put pressure on the regulations for years for years and has deposited millions of people on last year’s elections, supporting candidates who understood Donald Trump.
The bill establishes a regulatory regime for so-called stablescoins, a kind of cryptocurrency supported by assets considered reliable, as the dollar.
Trump is expected to sign the legislation on Friday, after the House adopted the bill on Thursday, joining the Senate, which approved the measure last month.
Known as Genius Act, the bill is one of the three elements of cryptocurrency legislation that advances in Washington which is supported by Trump.
The president once mocked the crypto as a skill, but his opinion moved while he was reviewing the sector and was involved in the industry as a businessman, with links with companies such as World Liberty Financial.
Supporters of legislation say that it aims to provide clear rules for growing industry, ensuring that the United States is following the pace of payment systems progress. The cryptographic industry had put pressure for such measures in the hope that it could encourage more people to use the digital currency and to bring it more in the dominant current.
The arrangements include stablecoins, an alternative cryptocurrency with Bitcoin, to be supported one for US dollars or other low-risk assets. Stablecoins are used by merchants to move funds between different cryptographic tokens.
The use of these parts, which are considered less volatile, has increased rapidly in recent years.
Critics argue that the bill will introduce new risks into the financial system, by legitimizing stablecoins without erecting sufficient protections for consumers.
For example, they have declared that this would deepen the participation of technological companies in banking activities without subjecting them to similar surveillance, and would leave customers suspended in a flavored bankruptcy process in the event of a stable company failure.
They also tried to reach the opposition to the bill by arguing that the vote in favor was actually tolerant of Trump’s commercial activities – including the promotion by family of their own cryptography documents.
However, this has attracted significant support from the Democrats, half of which supported the bill, as well as the majority of the Republicans.
“Some members may believe that the adoption of this bill, even with faults, is better than the status quo. We believe that it is a fundamental misunderstanding of risks linked to these instruments,” wrote a consumers’ coalition and advocate in a letter to the Congress this spring.
They warned that the passage “would allow the proliferation of assets that consumers would wrongly perceive as safe”.
Analysts expected the Congress to adopt the three bills earlier this week, but the unexpected hiccups have led to delays.
The other two bills adopted the Chamber and head for the Senate, where the Republicans have a close majority. These bills would prevent the American central bank from establishing a digital currency and setting up a regulatory framework for other forms of crypto.
The progress occurs while Trump would work on a presidential order which could allow retirement accounts to be invested in private assets, such as crypto, gold and investment capital.
The Bitcoin value struck a new record this week, spending $ 120,000 (£ 89,000).
But Terry Haines of the Washington -based analysis company, Pangea Policy, said that he did not expect the other two bills, which are more important, to go further.
“This is the end of crypto victories for a while-and the only one,” he wrote. “When the easy part, Stablecoin, takes ~ 4 to 5 years and barely survives the industry scandals, it is not much to piss off.”
