Stablecoin arrangements in the United States are being discussed. Crypto Money Exchange Coinbase CEO Brian Armstrong Stating that the current legislation prevents crypto currency providers from paying interest to users Genius lawHe said that a comprehensive revision was needed. Negotiations Stable lawalso includes an update call for deficiencies. With the latest statements, the search for regulatory balance in the House of Representatives has entered a critical period.
Obstacles of the current regulation to crypto currency providers
Armstrong pointed out how limiting the legislation can be in practice with the words “There is an obstacle”. Genius lawThe current provisions of the existing provisions make it almost impossible to implement economic practices called a solid interest mechanism. The current framework leaves market participants desperate. Regulation in question crypto currency It narrows the diversity of services offered by its providers to its users.
The explanation, which has repercussed among market players, pointed to the regulatory barriers that slow down the growth rate of the sector. Especially small -scale platforms face less flexibility. Armstrong’s emphasis reveals the need for infrastructure to support the use of innovative financial products. The elimination of these barriers can revive competition.
Similarly, the proposed items in the Stable Law do not offer flexibility to adapt to market conditions. Legislation updates can capture promising pioneering signals in the sector. This is a wide call to the parties.
Expectations before August from the House of Representatives
House of RepresentativesDiscussions surrounding the laws of Genius and Stable have gained momentum. The members of the Assembly emphasize the importance of finding a middle way between consumer protection and innovation. During the interviews, different scenarios were discussed. A accelerated calendar is planned for the process because time is shrinking rapidly.
Armstrong called on the laws to be reviewed and updated before entering the August holiday. Related commissions are in close contact with sector representatives and regulatory institutions. The aim is to take concrete steps before the summer holiday. Working groups evaluate regulatory suggestions. Both parliament seems to be ready to strengthen the cooperation.
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.
