The American congress has cleared the way for an extensive regulation of so -called stable coins. The House of Representatives adopted the SO -Called “Genius Act” on Thursday with Cross -Party Majority, which creates a legal framework for cryptocurrencies that are linked to the dollar.
The Senate had already passed the template. She went to President Donald Trump, whose signature was expected. Moreover, the MPs voted for another draft law, the “Clarity Act”, which is intended to create a regulatory framework for the entire cryptom market. This is now presented to the Senate for research.
Law is considered a milestone in the crypto industry
The approval of the law is a milestone for the digital currency industry, which has been regulating national regulations for years and had influenced the elections last year with high amounts. The shares of crypto companies initially increased in the follow-up trade on Thursday. The newspapers of the Coinbase Crypto Tours rose by 3.2 percent and the online broker Robinhood by around three percent.
“The Cross -Party Farewell to the Genius Act is a historic moment for digital assets in the United States,” said Summer Mersinger, head of the Blockchain Association Industry Association. “For the first time, the congress has launched an extensive law that provides for enforceable, tailor -made rules for stable coins – a fundamental technology for the future of the financial system.”
Market value of all stable coins at $ 262 billion
Stable coins are cryptocurrencies that are usually linked to a basic value such as the US dollar or gold to maintain stability. The law now adopted stipulates that the providers of such digital currencies must fully infer their tokens with liquid funds such as cash or short -term tires. You must also announce the composition of your reserves every month.
According to the industrial service of Coinmarketcap.com, the market value of all stable coins is around $ 262 billion. However, they only form a small part of the entire cryptom market, of which the volume is approximately 3.8 trillion dollars.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
