US governmentis preparing to take an important step in the arrangement of stablecoins, a lower arm. Bo Hines, Executive Director of the Presidency Digital Assets Consultants Council, announced that a comprehensive Stablecoin law will be completed soon. The US Senate Banking Committee approved the Genius Law last week. This development is considered part of the US global financial system as part of the strategy of protecting the dominance of the dollar. Hines emphasized that the Stablecoin market will become more regular with the law.
What does the Genius law bring?
Genius law (Guiding and Establishing National Innovation for Us Stablecoins), stablecoin exporters brings clear rules for exporters. The law requires the full guarantee of stablecoin reserves. It also requires exporters to fully adapt to the laws of money laundering (AML).
In a rare way in the US Congress, Crypto Money MarketIt aims to make it more reliable. Hines said that these arrangements will contribute to the US economy. He added that stablecoins should be placed in the legal framework in order to maintain the power of the dollar in the US global financial system. In the next two months of the bill president Donald Trumpis expected to be submitted for approval.
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Stablecoins are already circulating $ 230 billion of digital dollars. It is used extensively in global fund transfers and crypto currency transactions. Although experts predict that stablecoins based on multiple currency in the future may become widespread, US dollars For now, it continues to be the most preferred crypto currency type.
Why does Trump management care about stablecoins?
US Treasury Minister Scott BessentStablecoins are a critical tool to maintain global dollar domination, he said. Trump administration at the Crypto Money Summit held at the White House in March Stablecoin arrangementsIt became clear that it will accelerate. Treasury Minister, Stablecoin laws will increase the economic power of the United States and global trade will ensure that the dollar will remain stronger, he added.
With the clarification of the laws of Stablecoin, the US is expected to reinforce its leadership in financial technologies. Regulations are expected to create new opportunities for banks and financial organizations. On the other hand, the establishment of a legal framework may increase the entry of more corporate capital to the crypto currency market by increasing investor confidence.
The US government considers the regulation of stablecoins not only in terms of financial stability, but also as a geopolitical move. Digital DollarThe spread of the US may strengthen the role of the US in international trade. While competing countries like China are trying to expand their digital currencies, the US administration wants to maintain its leadership in this field.
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.
