U.S. Lawmakers Postpones The Release of Stablecoin Bill

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United States lawmakers have postponed the timeline for evaluating the stablecoin bill which is designed to address the danger and skepticism surrounding the digital asset. The members of the House of Representatives decided that there were some unsettled topics in the bill and this informed the decision for postponement.

The legislators had started drafting out strategies and rules to regulate stablecoins in the U.S. financial market. Invariably, this was in a bid to match up efforts of imposing precautions and control on the volatile crypto market. 

Meanwhile, the current laws of the state were not enough to assess and monitor the activities of stablecoins in the market including their potential risks. Therefore, the new regulations were tilting toward tough bank-like standards which was the first time such strict regulations are coming into play.

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So in a Bipartisan move, lawmakers continued to negotiate an agreement to conclude before the commencement of the August break. 

They have been unable to conclude and have pushed back till September. The unresolved topics of the bill include provisions on custodial wallets from the United States Treasury Department. Janet Yellen, Secretary of the Treasury planned to respond to the bill.

The Securities and Exchange Commission (SEC) also has concerns about the volatility of the crypto market. 

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Stablecoin Bill in View Following Biden’s Executive Order

In the first quarter of the year, the president of the United States, Joe Biden signed an executive order for the regulation of crypto trade. During a briefing, he called upon the regulatory authorities to check and analyze the dangers, advantages, and consequences of handling cryptocurrency.

The executive order outlined policies, objectives, coordination, and policy actions related to U.S central bank digital currency (CBDC). Also included in the order are measures to protect the users of digital assets, investors, and financial institutions against potential risks. Actions to limit illicit finance, international cooperation, and others are also sections of the ORDER.

President Biden nominated Jake Sullivan, the Assistant to the President for National Security Affairs, and Brian Deese, Assistant to the President for Economic Policy who also doubles as Director of the National Economic Council, to achieve the executive order. A crypto framework on the Executive Order was recently delivered to President Biden as reported earlier by TheCoinRise.

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