This week, Congress has a rare opportunity to move forward in the main legislation that can form the future of Stablecoins and digital asset markets. Coinbase CEO Brian Armstrong The Senate calls for a debate about the genius law, a draft law aimed at setting clear rules for Stablecoin.
To move things, the Senate needs at least 60 votes. At the same time, there is increasing support at home to build on the last momentum of Fit21 Framework.
The genius law sets a federal license for Stablecoin Exporters, and it requires exporters to maintain sufficient reserves to protect consumers and provide a dual organizational structure – which will be supervised by the largest exporters of federal exporters, while the youngest may remain under the supervision of the state.
Support for payment for legislation is a new report issued by the US Treasury, which offers that the Stablecoin Market may grow from 230 billion dollars today to $ 2 trillion by 2028. This growth is expected to come from greater regulatory clarity, high demand from institutions, the spread of symbolic funds and increase in real use.
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But the report also indicates how this growth can affect traditional banks. Since a lot of stablecoins is backed by a short -term US government, if the demand for these securities increases, deposits may withdraw away from banks, especially when these assets earn an interest.
Stablecoins can be a threat to banking liquidity because it is easy to use. Banks may have to do one of two things in response: raising deposit rates or finding new ways to stay competitive.
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The cabinet believes that Stablecoins is more than just a new digital payment tool. They see them as potential competitors for banks and a new way to export the US dollar worldwide.
With the arrival of August holidays, there is not much time. Legislators in both chambers are required to act quickly to pass the stablecoin legislation that brings the clarity that affects the need, protects consumers and maintains the United States at the forefront of digital financing.
