The U.S. is nearing a consensus on stablecoin legislation by addressing major differences between the House and Senate bills.
Steps Towards Consensus
On April 1, the U.S. House of Representatives made progress towards aligning its STABLE Act with the Senate's GENIUS Act for stablecoin regulation. Multiple draft revisions have taken place, involving the SEC and CFTC. As a result, the texts now have a 20% difference, described by Steil as primarily nonsubstantive.
Collaboration with Regulators
The harmonization process involved technical collaboration with regulatory agencies. While there are still differences concerning international stablecoin issuers and state-level regulations, these are crucial for a uniform regulatory framework that could ease tensions within global digital finance. Legislators anticipate a comprehensive solution within months, though the market response remains measured.
Global Impact and Significance
These efforts follow previous inconsistent state-level policies. Experts foresee potential shifts in regulatory dynamics impacting international issuers. Historically, digital asset regulation trends toward broader support, as seen with the 2020 rise in cryptocurrency regulation. Greater clarity around international issuer requirements could establish a precedent for global compliance.
The current steps towards aligning U.S. stablecoin legislation could lead to significant shifts in the global digital asset regulatory landscape.
