At the Digital Assets Summit on March 18, US Representative Ro Khanna stated that stablecoin and crypto market structure bills could be accomplished this year.
Importance of Stablecoin Legislation
Khanna mentioned that around 70 to 80 Democrats recognize the importance of stablecoin regulation to enhance American influence globally by providing more people access to dollars.
Crypto Market Structure: The FIT21 Act
Khanna highlighted the Financial Innovation and Technology for the 21st Century Act (FIT21), which he developed with former Representative Patrick McHenry. He noted the need for some adjustments but believes a basic market structure bill should emerge.
Criticism of the President’s Memecoin
Despite enthusiasm for legislative initiatives, Khanna also criticized President Trump’s memecoin, arguing that such endeavors distract from the blockchain's fundamental technology.
Legislative initiatives regarding stablecoins and the structure of the crypto market could significantly impact the development of digital assets in the US, but require well-considered approaches.
