Legionships may face potential delays in creating clear rules for the encrypted currency market. Senator Centeh Lomes recently led the first meeting of the Senate’s sub -committee on digital assets, a major step towards creating the rules of encrypted currencies. The sub -committee has been formed to assist in creating a set of rules that support innovation with consumer protection as well.
“I am excited because we can finally start this important work in digital asset regulations,” Senator Lomes said at the meeting. “We have come a long way when people have just started understanding Bitcoin and Stablecoins. Now, we are ready to make progress. We are in the early stages of bitcoin and digital assets. If we will transfer any legislation, we will need support from the two parties. Today’s hearing was the first step.”
Although this meeting was a big step, it showed that legislators were still moving slowly when it comes to passing important laws. The proposed rules include Financial Innovation Law responsible for Lummis-GillbrandIt focuses on the market structure, and Genius For stablecoins. These laws aim to maintain the competitiveness of the US dollar in the digital world while making payments faster and cheaper.
“Many Senate members are still trying to wrap their heads about” What is Bitcoin “,” What is the digital origin, “What is Stablecoin? I hope we can obtain legislation for President Trump to sign it this year.
However, legislators are currently focused on stablecoins instead of wider market rules, indicating that they are taking an accurate approach. the Genius It is expected to protect the American banking system and create equal rules for stablecoin regulations on both levels of state and federalism.
The pace of work is slower on the previous promises made by the newly appointed “Crypto CZAR”, who said he would press for encryption reforms during the first 100 days of President Trump’s second term. But the meeting showed that legislators were walking at a slower pace.
Despite these delays, there is still hope to make progress. Senator Lomes said she is confident that Stablecoins may be ready soon, which may lead to more legislation in the future.
