The U.S. Congress is rapidly taking action to shape the future of stablecoin in the cryptocurrency world. The House of Representatives has just released its new version, following the Senate's recent approval of a similar bill. This new law will establish rules for how companies can create and use Tokens backed by USD, marking an important step towards increasing oversight and clarity in the developing cryptocurrency industry. Steil explains that the new version of the bill will help coordinate the efforts of the House and Senate, making the two versions more similar and easier to work with.
The STABLE (Stablecoin Transparency and Accountability for a Better Ledger Economy) Act is seen as a strong continuation of the work related to digital assets that Congress previously undertook. Meanwhile, on Wednesday, Representative Emmer reintroduced his Securities Clarity Act, aimed at clarifying how cryptocurrencies align with existing securities laws. Emmer noted: "Until we have a clear definition of commodities and securities, U.S. innovation will continue to be affected."
At the end of the conference, the Senate held a second vote to overturn the 2024 IRS regulation on DeFi brokers, after both the Senate and House had previously passed a resolution. The vote passed with 70 Senators in favor and 28 against. Amanda Tuminelli, Executive Director of the DeFi Education Fund, thanked the bipartisan legislators for supporting the resolution, pointing out the negative impacts of the IRS regulation on the decentralized financial technology industry.
At the DC Blockchain Summit on Wednesday, House Financial Services Committee Chairman French Hill also mentioned that the edited version of the market structure bill is nearly complete, following work from last year. This bill, called FIT 21 (Financial Innovation and Technology for the 21st Century Act), passed the House last year with support from 71 Democratic members. Hill expects to release a revised draft in the coming weeks after receiving "technical support."
The Senate Banking Committee recently introduced the process of the GENIUS Act, aimed at establishing a framework for stablecoin regulation and determining when stablecoin issuers are subject to federal or state oversight. Some Democratic members expressed concerns and requested modifications, but were unsuccessful. Meanwhile, in the House, the Republican Party, led by Representative Bryan Steil, introduced the STABLE Act in February to regulate stablecoin.
