What the US government called “Crypto Week” resulted in the first federal legislation regulating stablecoins being passed by parliament. Since the Senate has already authorized it, it takes effect as soon as the president signs it.
The House also approved two other legislation about cryptocurrency, and they will now go on to the Senate. This is a significant victory for the cryptocurrency business, which invested millions in candidates like Donald Trump, who became a leading proponent of bitcoin investments, during the previous election.
It was Crypto Week”, and the House had three laws pertaining to cryptocurrency to approve. However, differences among House Republicans on how to integrate the measures caused the proposals to stall for nearly a day.
The three proposals were ultimately presented to separate votes by GOP leaders. One of the three proposals, which would regulate stablecoins, a sort of cryptocurrency, has already cleared the Senate with widespread bipartisan support and is on its way to Trump’s desk.
The Senate will later discuss the other two proposals: one that would prohibit the Federal Reserve from establishing a new digital currency and the other that would establish a more comprehensive framework for a new cryptocurrency market structure. With reserve requirements, audits, and compliance, the stablecoin bill, also known as the “Genius Act,” establishes the first safeguards and consumer protections for cryptocurrency.
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