US lawmakers are quickly advancing legislation for stablecoins and broader crypto market regulations, with potential approval by August.
Fast-Tracking Initiatives for Crypto Regulations
US lawmakers are moving to approve legislation that establishes clear regulations for stablecoins and the broader crypto market structure. Kristin Smith, CEO of the Blockchain Association, confirmed this at the Digital Asset Summit by Blockworks in New York. The legislative aspects include approval of the GENIUS Act, which sets standards for stablecoin collateralization and compliance with the law.
Need for Legislative Regulation of the Crypto Market
Former Congressman Wiley Nickel believes that cryptocurrency regulation must go through Congress to prevent uncertainty and ensure lasting effectiveness. The need for legislation is especially pertinent following recent SEC decisions under Gary Gensler's leadership.
Trump to Speak at Digital Asset Summit
US President Donald Trump is set to attend Blockworks’ Digital Asset Summit in New York, marking the first time a sitting president speaks at a crypto conference. His speech will be delivered via video format. Trump aims to discuss key issues concerning stablecoin regulation and taxation, continuing his policy of advancing cryptocurrencies within his administration.
Advancing crypto regulations through Congress is likely to have a long-term impact on the digital asset industry and strengthen the US position in the global crypto market.
