The Legislators of the United States are on the right track to adopt regulations regarding the legislation regarding Stablecouins and the structure of the cryptocurrency market in August, Kristin Smith, general director of the industry group of The Blockchain Association, said during the digital summit of Blockworks in Recent York.
The Axis of Smith’s time resembles a similar forecast of Hines, the executive director of the President’s Advisors Council for Digital Asset, who on March 18 said that he expected to see Stablecoin’s comprehensive legislation in the coming months.
“I think we are close to the possibility of doing those in August […] They are now doing a lot of work behind the scenes, “said Smith on March 19 at the summit in which Cointelegraph participated.
“I am an optimist when you have chairs of the right committees in the Chamber and the Senate and the White House who want to do something, and you have bilateral voices in Congress to get them there,” she added.
US President Donald Trump sits next to the Secretary of Treasury Scott Bessent at the top of the White House cryptocurrencies on March 7. Source: Associated Press
Double -sided support
At the top of the digital assets on March 18, the Democratic Congresmen Ro Khanna said that he believes that the Congress “should be able to get” both bills on the Stablecoin market and cryptocurrencies in 2025.
According to Khanna, about 70 to 80 democrats believe that Stablecoin’s legislation is vital for promoting US influence by expanding access to dollars around the world.
“For the first time they are really something that we can do, but to do this, you must have at least 7 democratic votes in the Senate,” said Smith, adding that “we already have 5 votes at the level of the committee.”
Last week, the Senate Banking Committee approved the Genius Act, which is an acronym for conducting and establishing national innovations for American Stablecoin.
The proposed bill establishes guidelines for security for Stablecoin issuers and requires compliance with the provisions on counteracting money laundering (AML).
In 2024, the Chamber of Representatives underwent financial innovations and technology for the 21st century Act, also known as Fit21, which establishes the basic principles of the structure of the cryptographic market.
The bill must still be adopted in the Senate to become the law.
The management in Crypto stated that the industry will benefit more of the American regulatory clarity than even the Bitcoin reserve.
On March 6, US President Donald Trump signed an executive order, creating an American strategic Bitcoin reserve and digital action, fulfilling the promise of the campaign he made in 2024.
“Markets expect a map of road innovation and bright guidelines for Stablecouins, institutional adoption and taxation,” said Max Giammario, general director of WEB3 Artificial Intelligence Startup Kindred in March.
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