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Bo Hines from the U.S. Digital Assets Working Group presented a timeline indicating that stablecoin regulations could become clear within two months. Speaking at the Digital Assets Summit in New York, Hines mentioned May as a likely period for the stablecoin law to come to the forefront. It is anticipated that, following the approval process in the Senate and House of Representatives, the regulation could be enacted.
Expectations for Stablecoin Legislation and Processes
The significance of this regulation is heightened as U.S. stablecoin issuers represent nearly the entirety of the market. This move is expected to pave the way for future collaborations with banks.
Role of Market Participants and Competition
The Senate Banking Committee approved the GENIUS Act led by Senator Bill Hagerty. With expectations of the bill being discussed in the House, it is reported to have bipartisan support due to its comprehensive regulations.
U.S. Treasury Secretary Scott Bessent stated that the U.S. is turning to stablecoins to maintain the dollar’s status as the global reserve currency.
Scott Bessent: “We will maintain the U.S. as the dominant reserve currency and utilize stablecoins.”
As competition among market participants intensifies, XRP’s RLUSD is being highlighted. Additionally, there is a current shift towards USDC in the crypto asset market, while Tether CEO Paulo Ardoino continues efforts to maintain USDT‘s market share.
The Office of the Comptroller of the Currency (OCC) announced that local banks could participate in stablecoin transactions. This development lays the groundwork for global financial institutions to take similar steps to establish their presence in this domain.
Details of the regulation are expected to gain clarity following discussions developed during the legislative process. Relevant stakeholders will continue to debate the economic impacts and market balances regarding the implementation of the law.
