The US Digital Assets Working Group Tsar, Bo Hines, presented a timeline that the stablecoin arrangement could become clear within two months.
Stablecoin law and process expectations
Speaking at the Digital Asset Summit in New York, Hines evaluated the month of May as a possible period that the Stablecoin law will come to the agenda. President Trump, the Senate and the House of Representatives after the approval process of the regulation is expected to become legal.
This regulation is very important as the stablecoin exporters in the US region represent almost the entire market. In the future, the cooperation with banks will be opened.
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Role of Market actors and competition
The Senate Banking Committee approved the Genius Law, led by Senator Bill Hagerty. While the bill is expected to be discussed in the Parliament, it is reported that the arrangements in the law receive two -party support due to the extensive extensive.
US Treasury Minister Scott Bessent said that the US has turned to stablecoins to protect the dollar’s global reserve currency position.
Scott Bessent: “We will keep the US as a dominant reserve currency and use stablecoins.”
Competition between market actors, XRP’s Rlusd is trying to highlight. In addition, there is an orientation to the USDC in the crypto asset market and Tether CEO Paulo Ardoino continues to work in this area to maintain USDT’s market share.
The US Banking Regulatory Authority (OCC) announced that local banks may be involved in stablecoin transactions. This formed the basis of the work of global financial institutions to take part in the field by taking similar steps.
The details of the regulation are expected to be clarified after the discussions to be developed in the legislative process. The relevant stakeholders will continue to make discussions on economic impacts and market balances in the implementation of the law.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
