In the United States, a bill draft regarding stablecoin regulation has been introduced, aiming to establish a clear legal framework for these digital assets.
New Bill and Its Goals
US Representatives French Hill and Bryan Steil have introduced a bill to create a regulatory framework for dollar-pegged stablecoins. The legislation would impose a two-year moratorium on issuing endogenously collateralized stablecoins and require a study by the Treasury Department on stablecoins. The draft aims to clarify payment stablecoin rules and provide a federal path for issuers.
Promoting the Dollar as World Currency
Some analysts interpret the Trump administration's executive order as a move to bolster the dollar's status as the world reserve currency. While considered pro-crypto by some, others see it as a way to ensure USD dominance. Lawmakers are advocating for a regulatory framework to strengthen the dollar's position and protect consumers and investors.
Laws for Stablecoins Under Federal Rules
Following the Senate's proposal to legislate a framework for stablecoins, US Senator Bill Hagerty introduced the 'Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act' to advance crypto development in the US. The bill aims to establish a safe and pro-growth regulatory framework to promote the US as a crypto capital and drive demand for US Treasurys.
The US stablecoin bill draft is seen as a step toward reinforcing the dollar's leadership in the global economy and supporting digital asset innovations.
