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House representatives adopts regulatory law:
The first American cryptocurrency regulatory law was adopted Thursday. July 17, by the House of Representatives, a major stage for the development of this market in the United States and beyond, while two other texts relating to the sector were also validated.
The Clarity Act. which must now be examined by the Senate, has the United States with a clearer regulatory framework, in accordance with the wishes of the government of Donald Trump, very favorable to this industry. This law is part of a set of three texts examined Thursday by the lower chamber of the American Congress. a break after the failure of numerous proposals in the Chamber house representatives adopts regulatory law or in the Senate in recent years.
Several elected democrats have issued reservations on the bill. deemed insufficiently protective for investors in an environment where fraud, fraud and money laundering are not uncommon.
Immediately after the adoption of the Clarity Act. a new vote began, this one on the Genius Act, which establishes a legislative device for «StableCoins»cryptocurrencies backed by a classic motto. Here again, the text was largely adopted, dozens of members of the Democratic Party pronounced favorably alongside the Republican majority. He will then be submitted to US President Donald Trump for ratification.
Stablecoins backed by the dollar – House representatives adopts regulatory law
Stablecoins are considered to be a major tool for popularizing cryptocurrencies. much more than bitcoin, which does not have any speculative utility. They are supposed to embody the best of both worlds. namely the stability of a traditional currency such as the dollar and the ease of transaction offered for cryptocurrencies, including from one country to another.
The Genius Act. adopted in the Senate in mid-June, obliges the stable-co-emitters to keep reserves at least equivalent to the total value in circulation, in the form of quickly mobilized assets such as bank deposits or treasury bills.
Several banks are already working in their stablecoin. as well as actors of online commerce like Amazon and Walmart, while Meta, Uber or Airbnb plan to adopt them. Many elected officials from the Congress. house representatives adopts regulatory law just like Donald Trump, see it as a vector for strengthening the dollar, thanks to the world’s broadcast of stablecoins backed by the greenback.
A little later Thursday. the Chamber passed a third text, transcribing into the law a decree taken at the end of January by Donald Trump prohibiting the government from creating his own cryptocurrency. Several observers have interpreted this directive as one more gesture to promote private initiative in the world of cryptocurrencies. the start-up World Liberty Financial, associated with Donald Trump, having recently launched its own stablecoin, USD1.
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