The US stable law took another major step Wednesday as House committees joined Senate counterparts to advance bills considered by the Housewives, bringing stubcoin regulations closer to reality.
Once finally approved by both the entire House and the Senate, lawmakers began to fuse the two versions into a unified law that could get a final nod. Republican lawmakers and President Donald Trump are aiming for August’s goals to complete the effort.
While the most trusted Republican allies in the crypto industry and Congress welcomed many Democrats to Jesus’ side by moving the stable transparency and accountability of a better ledger economy (stable law) from the House Financial Services Committee on Wednesday, Democrats on the panel have consistently raised concerns about Trump’s connection to industry and Stubrecoin.
A week before the House Committee focuses on the bill in Wednesday’s markup, a session in which lawmakers will make changes and amend debate over legislation – Trump’s World Liberty Financial (WLFI) announced it supports its own stubcoin (USD1). Trump is very active in crypto, including selling inappropriate tokens (NFTs) and memocoin$Trump, despite his desire for crypto-friendly policies at the federal level.
US regulations for Stablecoins – Generally, dollar-bound tokens such as Tether’s USDT and Circle’s USDC are one of the industry’s two top priorities. Committee chair French Hill argued on behalf of the industry that “innovation requires guardrails, not obstacles.”
Republican members refused to discuss Trump’s industry involvement on explicit terms. They were rejected by Republicans on the panel when Waters and other Democrats pushed for amendments to thwart the potential conflict raised by the president’s business interests and his direct authority over regulators making decisions about stubcoin.
“We don’t discriminate against entrepreneurs based on who they are and where they come from,” Hill said. If the government wants clear guardrails around this space, he repeatedly argued, the best move is to pass bills establishing surveillance.
Maxine Waters, a senior Democrat at the panel, said Trump is calling it a “exhibition of greed” to harness the power of the president and establish multiple crypto schemes to enrich himself and his family.
“He’s different from other publishers, because he’s the president of the United States,” said Stephen Lynch, a ranking Democrat on the panel’s Digital Assets Subcommittee, who argued that he was in a position to sign off to the government’s aid he needed in the event of Trump failing. “If this was a Democratic president who was trying to do this, then the hair of a Republican would be on fire.
Another Democrat, Illinois representative Sean Custin, claimed that Tron’s Justin Sun could not make any clear profits other than his relationship with the Trump family and put tens of millions of dollars into the WLFI. He argued that government officials tied to Stubcoin could be influenced by foreign investors and could be affected in ways hidden from public scrutiny.
The new amendments did not stick to the effort as Democrat debate failed to move the Republican majority on the committee. Supporters say this House version is roughly parallel to the Senate version. Michigan Republican Bill Huizenga said the House version adequately maintains sufficient authority in the hands of state regulators that “sometimes provide a light touch.”
“We have a government ready to accept these products, and it’s time for us,” Huizenga said.
This was one of several bills before the House Financial Services Committee addressed encrypted topics. Another law, discussed Wednesday, formed an intergovernmental group of law enforcement agencies to address the use of illegal cryptographic devices and banned US-issued central bank digital currency (CBDC). Lawmakers also voted for dozens of amendments to the Stubcoin bill before voting to move the bill forward, but initially there were difficulties with the electronic voting system.
As Stablecoin Bill continues to move forward, Trump is also poised to sign the actions of the first pro-cryptic Congress. The president is expected to sign the resolution, but has not announced a timeline for it to do so.
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