Bloomberg News reported that Senator Bill Hagati would introduce a law to establish a stubcoin regulatory framework on February 4.
This bill is called the guideline and establishment of the United States of the United States, which outlines the provisions for establishing a state innovation for StableCoins (Genius) Act and issuing stable payments, and the US currency and federal preparation system banknotes We are obliged to be supported by the Ministry of Finance bill or other assets.
The bill also requires StableCoin publisher to submit a monthly audit report on their reserves. False reports will bring criminal punishment.
Regulatory authorities have scrutinized the quality of assets that support stable assets, including tethers’ USDT tokens, in the ability to meet a large -scale redemption demands under market stress and market stress.
As a result, the bill is trying to provide the clarity of regulations to stubcoin, a token peeled into US dollars and other real world assets. Supporters argued that federal government monitoring increases reliability and promotes more wider recruitment of stubcoin in financial systems.
Hagati said:
“My law has established a safe and growing regulation framework to unleash innovation and promote the mission of the president to make the United States a capital of the world.”
Senator Kirsten Gilen, Tim Scott and Cynthia Ramis co -sponsored the bill. This initiative expresses a continuous effort to create a cryptographic guideline among Republican members.
The Office of the Currency Secretary, an independent station in the Ministry of Finance, regulates and supervises non -bank stubcoin publishers.
Promote stability growth
Trump has promised to foster the cryptographic industry by reducing the barriers of regulations and appointing a cryptographic regulatory authorities.
In the first week of his inauguration, he Signed the presidential order To create a crypto working group, the Central Bank of Central Bank will stop the development of digital currencies, evaluate digital assets stockpiling and establish potentially.
However, the order has established a working group to propose a regulatory framework for digital assets, but substantial change in policy requires Congress approval. Both major parties are interested in working on StableCoin’s regulations.
In particular, legal frameworks can promote the stagnant US stubcoin market. According to the “2024 Cryptocation Report Geography”, the StableCoin volume shifts from the US platform due to stable disabilities and the barriers that impose digital asset sputtering due to stable disability. I am.
In 2023, StableCoin Flows US Crypto Exchange reached nearly 50 %, below 40 % in June 2024. The report suggests that the adoption of global stubcoins exceeds the use of US dollars.
Based on encrypted data, the StableCoin market exceeded $ 34 trillion, as of February 3, as of February 3, as of February 3.
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