Despite protests from top European banks, the European Union is quickly trying to light the stream of stubcoins issued outside the block towards the continent, according to a new report. According to one of the world’s top credit rating agencies, this is a development that signifies a major coup for US dollar-backed stubcoin.
The European Commission, the EU’s executive branch, is set up to issue immediately official guidance that Stablecoins issued in other global jurisdictions should be considered interchangeable with versions of the same brand, specifically designed for the European market. Financial Times.
In recent months, the European Central Bank and its president, Christine Lagarde, have been so sought-after, since playing so much of a role in the European market, they have been resolutely pushed to limit the absurd and absurd capabilities of foreign currency, especially those supported by foreign currency like the US dollar. Under the newly implemented digital assets of the EU ruleStablecoin issuers operating in BLOC must maintain a large portion of European banks’ currency preparations.
This could change. And Moody’s, one of the world’s top credit rating agencies, believes development is largely due to pressure from the recent passing of stable legislation in the US.
“This is very interesting,” said Cristiano Bench Richuri, senior analyst at Moody’s. Decryption Wednesday. “It’s because we tell you what happened in the US is echoing around the world.”
Ventricelli claims there has been a recent passing Genius act The US Senate is a bill that establishes a framework for issuing and trading stable stubcoins in the United States, putting pressure on them to better integrate top stubcoins into foreign markets, even if these tokens are backed by non-euro currencies and the tokens are held overseas.
He argued that this is a major maintenance of the calculus that previously directed the EU digital asset market.
“The Euro Stablecoin market relies on the fact that USD stubcoin was limited in terms of the volume that can be traded in Europe,” Ventricelli said. “If the Commission moves forward on this, the (foreign issuer) will not be subject to the restrictions previously set to prevent stable USD from flooding into the European market.”
The financial leader said the EU’s strict restrictions on crypto issuers designed by the European Central Bank to mitigate the risk of bank operations and other disasters pose a risk of turning a continent into a continent. “Flyover Zone” Between the US and Asia’s more vibrant digital assets economy.
If the EU amends the rules for Stablecoin, development can demonstrate the desire on the part of the block so that other key players do not fall behind in passing the cryptographic regulation framework and moving forward in establishing an integrated global crypto economy.
In the United States, genius law has not yet become law. Republican leaders must now pass the vote in the House where they are currently competing for the best way to advance other keys. Cryptographybefore heading to President Donald Trump’s desk for signing.
If the US finally passes the stablecoin bill, Ventricelli said the impact on other jurisdictions around the world beyond the EU could be substantial.
“The passing of the Stablecoin Bill encourages everyone else to plan accordingly,” he said. “It could have a lot to do with it in terms of the new Stablecoin framework coming out in Asia, the Middle East, the UK, all jurisdictions that we don’t necessarily have (laws).”
Edited by Andrew Hayward
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