US Consultant Ro Khanna, a Democrat from California, stated on the Digital Belongings Summit on March 18 that Congress “ought to be capable to get” each a stablecoin and crypto market construction invoice executed this yr.
Khanna added that there are 70 to 80 Democrats now who perceive the significance of stablecoin laws in rising American affect around the globe by giving extra individuals entry to {dollars}.
Rep. Ro Khanna (proper) on the Digital Belongings Summit, March 18. Supply: Cointelegraph
Stablecoins are a growing crypto use case, particularly in creating nations the place there may be restricted entry to bodily {dollars}. There are at present stablecoin payments making their method by each chambers of Congress, together with the GENIUS Act in the Senate.
As for a crypto market construction invoice, Khanna famous the Financial Innovation and Technology for the 21st Century Act, also called FIT21, which he labored on with former Consultant Patrick McHenry. “I perceive that there must be some tinkering to that,” Khanna stated, “however a primary market construction invoice ought to emerge.”
Executives in crypto have stated that the trade will benefit more from US regulatory clarity surrounding digital belongings than even the strategic Bitcoin reserve. At the moment of writing, cryptocurrency costs, together with for Bitcoin (BTC), have fallen because the signing of US President Donald Trump’s govt order creating the reserve.
Associated: Banks push to block stablecoin legislation over market share fears
Khanna important of the president’s memecoin
As enthusiastic as Khanna was about Congress passing stablecoin and crypto market regulation payments this yr, he was equally important about President Trump’s memecoin, Official Trump (TRUMP).
“I’ll say this simply to problem of us,” Khanna stated. “I’ve been a supporter of blockchain, of crypto expertise, however I criticize this concept of the president having a memecoin. I don’t assume any elected official ought to be having a memecoin, and people kinds of issues, for my part, distract from the elemental expertise and making the case.”
He added, “We've got to acknowledge that these kinds of issues usually are not useful in convincing the American public that there’s an underlying expertise that's priceless.”
Associated: What is TRUMP? Donald Trump’s billion-dollar memecoin
President Trump’s memecoin and his household’s crypto ventures might raise conflict-of-interest concerns, and California Consultant Maxine Waters has stated the notorious memecoin doubtlessly opened the door to corruption and may risk national security.
California Consultant Sam Liccardo has introduced a bill that would make it illegal for US presidents, members of Congress, senior authorities officers, and their spouses and kids to concern or sponsor commodities, securities or cryptocurrencies.
Journal: X Hall of Flame: Memecoins will die and DeFi will rise again — Sasha Ivanov
