To create regulatory rule for Trump Signs Law StableCoins, a big win for Crypto Backers
US President Donald Trump on Friday Signed a law To create a regulatory rule for the US-Dollar-Paiged Cryptocurrency, known as Stabecoin, a milestone that can pave the way for a daily way to pay for digital assets and carry money.
Genius act Passed by 308 to 122 votesTo get support from about half of Democratic members and most Republicans in the House of Representatives. It was previously approved by the American Senate.
The law is a major victory for Crypto supporters, which began in 2009 as a digital wild waste, which has long been prosecuted for such a regulatory structure to achieve more validity for an industry, which started as a digital wild waste, which started as a digital wild waste.
In a signed incident at the White House, Trump said, “This signature is a major verification of your hard work and leading spirit.” “It’s good for the dollar and it’s good for the country.”
US Treasury Secretary Scott Besent said in a statement that the new technology would explain the dollar position as a global reserve currency, expand the dollar economy and promote the demand of American Treasury, which would return to Stabil Coine.
StableCoins are designed to maintain a continuous value, usually 1: 1 US dollars PEG, and their use has exploded, especially by pursuing the money between tokens by crypto traders. The industry hopes that they will enter the mainstream use to send and receive payment immediately.
New law (which stands for Guidance and Establishment of National Innovation for US Stabecrims Act) Stabelin needs to be supported by liquid assets-such as US dollars and short-term ustreasury bills-and publicly for issuers to publicly disclose the structure of their reserves.
Crypto companies and officials argue that such laws will increase the reliability of stablecoins and prepare banks, retailers and consumers to use to transfer funds immediately.
Ability to grow
StableCoin market, which Crypto data provider Koeningko said that the price of more than $ 260 billion can grow up to $ 2 trillion US by 2028 under the new law, the standard chartered bank was estimated earlier this year.
According to data from the US Federal Election Commission, the law of law ends with a long-term lobbying effort by the industry, which has given more than $ 245 million time in last year’s elections to assist Pro-Crypto candidates including Trump, including Trump.
The Republican President, who launched his own coin, thanked the officials for his support during the 2024 President’s campaign.
“I pledged that we would bring back American independence and leadership and make the United States the world’s crypto capital, and that is what we have done,” Trump said.
Democrats and critics have stated that the law should have prevented large technical companies from issuing their own stabechoin, which can already increase the clot of the powerful area, including strong anti-mani laundering security and prohibits foreign stabechoin release.
Skott Greatc, Deputy Executive Director of Transparency International US, said, “Failing to shut down the known flaws and protect the US digital dollar infrastructure, the Congress has taken the risk of giving the US financial system a global shelter for criminals and adverse governance.”
Large banks consider cryptocurrency
Big US banks are internally arguing on expansion in cryptocurrency as regulators give strong support to digital assets, but banks’ initial steps will focus on pilot programs, partnerships or limited crypto trading, the Reuters stated in May.
Several crypto firms, including circles and riples, are demanding banking licenses, which will cut the cost by ignoring the mediated banks.
Supporters of the law have stated that it can potentially give rise to a new source of demanding short -term US government loans, as Stabelcoin issuers will have to buy more loans to return their assets.
Trump, signing an executive order in March, has demanded a wide overhala of American cryptocurrency policies. Establishment of a strategic bitcoin reserveThe US President launched a meme coin named $ Trump in January and partially owns the Crypto Company World Liberty Financial.
