The focus of US regulators is Bitcoin and altcoins. The latest clarifications came from a US senator, the future of regulation for stablecoins has been announced. Here are the details…
Senator points to stablecoin regulations
U.S. Senator Kirsten Gillibrand said that the latest effort on a stablecoin regulation law is coming soon, and she hopes it will garner some attention before Congress moves into its new session next year. He said Wednesday that he is working with Republican Senators Patrick Toomey and Cynthia Lummis on “unique” laws that will set the US roadmap for tokens. Gillibrand used the following statements at a Blockchain Association policy event in Washington:
This bill we’re currently working on – and we hope to submit in the next few weeks – will at least be a comprehensive stablecoin bill that we’ll want to vote on in the Senate Banking Committee.
Gillibrand and Lummis were the authors of one of the most important cryptoasset surveillance laws this year. This represents a small part of the larger effort. As we’ve reported on cryptokoin.com, stablecoins like Tether’s USDT and Circle Internet Financial’s USDC are typically tied to stable assets like the dollar. They play a central role in the cryptocurrency industry. U.S. lawmakers broadly agree that this sector may be one they can address first as they work on broader industry oversight.
It is unclear whether the bill will pass.
So far, most of the attention has been on a bipartisan legislative effort in the House Financial Services Committee, though it has yet to emerge as a full-fledged bill. Experts say that as the United States is currently operating in a busy environment, the likelihood of further efforts in both houses this year is dwindling. If the efforts of Gillibrand, Lummis, and Toomey don’t get attention, they could impact next year’s legislation.
Getting a crypto law through the Banking Committee could run into doubts from panel chair Senator Sherrod Brown, who said this week that cryptocurrencies still offer “nothing useful.” Republicans had hoped to replace Brown and other Democratic committee chairs in this month’s election, but the Democrats retained a narrow majority. Earlier Wednesday, Circle CEO Jeremy Allaire, Chairman of the House Financial Services Committee, Representative Maxine Waters; Brown wrote an open letter to Toomey and the committee’s Representative, Patrick McHenry. He urges senators to pass stablecoin legislation quickly.
Altcoins among stablecoins
So, what are the stablecoins in question? In the list below, you can see the top 20 stablecoins.
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