In the United States, new legislative initiatives are being prepared aimed at regulating cryptocurrencies and blockchain businesses. The main goals of these bills are to eliminate uncertainty in the legal sphere and create clear frameworks for the operation of the crypto industry.
Bills for the Crypto Industry
According to Representative Frank Hill, the proposed measures include two key bills. One will focus on establishing a legal structure for blockchain businesses, while the other targets the regulation of stablecoins, tokens pegged to the U.S. dollar that currently operate without clear federal oversight.
Goals and Significance of the Initiatives
Hill emphasized that without defined rules, businesses and developers risk running afoul of unclear laws, which also creates confusion for users regarding reporting, taxation, and compliance. He believes the new measures will encourage innovation within the U.S. rather than pushing crypto projects abroad.
Crypto Week in Congress
This initiative comes as part of a designated 'crypto week' on Capitol Hill, running from July 14 to July 18. During this week, lawmakers will also consider a bill aimed at preventing the government from launching a surveillance-oriented digital dollar.
The legislative steps being taken by lawmakers aimed at creating a clear legal framework for the crypto industry are designed to foster its growth and reduce legal risks for market participants. These measures are expected to improve the atmosphere for innovation within the U.S. financial sector.
