In the United States, the debate on how to organize cryptocurrencies such as stablecoins is heating, Especially with the introduction of the genius law. This partisan draft law, presented by Senator Bill Hajri in February, aims to provide clear guidelines for Stablecoins, a type of cryptocurrency associated with traditional assets such as the US dollar. The aim of the genius law is to enhance consumer protection, market stability and innovation in the financial system. It was transferred by the Senate Banking Committee in March A possible vote is now awaiting the Senate before the day of the anniversary, on May 26.
The genius law is part of a larger batch within the Congress led by Republicans to organize Stablecoins. This legislation gives Stablecoins to create a digital currency issued by the central bank, known as Central Bank Digital Currency (CBDC). In addition to the genius law, the US House of Representatives submitted a similar bill called stable law, which also seeks to improve transparency and accountability in the Stablecoin sector.
The role of former President Donald Trump in this discussion is still behind the scenes. Although he did not publicly comment on the Blockchain lists or the specific encryption, his administration has taken steps. On January 23, Trump signed an executive order to establish a work group that would explore the possibility of the National Stablecoin and its organizational framework.
Stablecoins versus cbdcs: What is at stake?
So, what is the difference between Stablecoins and CBDCS, and why does it matter? Stablecoins is usually released by private companies and supported by assets like the US dollar, making it more stable than other cryptocurrencies like Bitcoin. On the other hand, CBDCS will be directly controlled by the government and will act as a digital copy of the national currency. While many Democrats believe that CBDCS is the future of digital money, Republicans are pushing for a more dependent market approach with organized Stablecoins.
If the genius law passes in the Senate, the Stablecoin industry may be dramatically re -formed in the United States, giving these digital currencies that have been particularly issued more legitimacy and regulatory control. At the same time, it is likely to delay or prevent the development of the government -backed CBDC at the present time.
In conclusion, the results of this debate will have great impacts on the future of the American coins in the American Stablecoins can become the standard, while the government -controlled CBDC idea may take the back seat for years to come. The genius law is a decisive step in determining the future of digital funds.
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