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Legislation
The U.S. congressional effort to establish regulations for stablecoins has become an increasing longshot for passage this year, but the lawmakers who’ve pushed legislation the farthest reportedly had a meeting with Senate Majority Leader Chuck Schumer about it, Punchbowl News reported.
U.S. Rep. Patrick McHenry (R-N.C.) said some of the recent chaos in Congress derailed crypto legislation for a while, but a stablecoin bill is largely worked out in the House of Representatives and just needs a schedule floor vote.
Another group of Republican lawmakers has introduced legislation to block efforts to introduce a digital dollar.
The Law Commission also called for evidence on its project on digital assets and electronic trade documents in private international law.
Despite keen interest from U.S. Senate Democrats such as Elizabeth Warren (D-Mass.) to deal with the illicit movement of funds in crypto, there’s no immediate action planned in the committee that would need to get it rolling, according to two sources familiar with the plans.
UK Economic Secretary to the Treasury Bim Afolami has said the UK government was “pushing very hard” to bring legislation for stablecoins and staking services for crypto assets within six months, according to a Bloomberg report.
Just after Hamas’ terrorist attacks in Israel last year, crypto took blame for helping fund such brutal killing. While the prominent media reports were later bashed by cryptocurrency experts, the U.S. Department of the Treasury’s top official on terrorism financing confirmed to lawmakers on Wednesday the situation was blown out of proportion.
U.S. Treasury Secretary Janet Yellen is set to tell Congress that the crypto industry poses several potential hazards to the financial system, including the dangers of stablecoins, runs on crypto platforms and volatile prices, according to a brief portion of her testimony posted Monday.
Members of Congress are trying to delete the controversial U.S. Securities and Exchange Commission accounting bulletin that implies restrictions on companies that want to hold their customer’s crypto assets.
Crypto is captured in an asset-regularization regime included in a wide-ranging bill that’s facing mounting backlash from citizens.