In the USA, a debate is warming up on cryptocurrencies such as Stablecoins regulating, Especially with the introduction of the Genius ActTo. The bilateral bill, introduced by this senator Bill Hagerty in February, aims to give clear guidance to Stablecoins – a type of cryptocurrency associated with traditional assets such as the US dollar. The purpose of the Genius Act is to increase consumer protection, market stability and innovation in the financial system. It was accepted by the Senate Banking Committee in March and is now waiting in the Senate before the Memorial Day, May 26 a potential voteTo.
The Genius Law is part of the Republican -led congress to a greater impetus to regulate Stablein. These legislation prefer Stablein's creation of a digital currency issued by the central bank, known as the Digital Currency of the Central Bank (CBDC). In addition to the Genius Act, the US House of Representatives has introduced a similar bill called a stable law, which also aims to improve the transparency and responsibility of the stable sector.
The role of former President Donald Trump in this debate is largely behind the scenes. Although he has not publicly commented on specific chip circuits or cryptomatic regulations, his administration has taken steps. On January 23, Trump signed an executive order for the establishment of a working group, which will explore the possibility of a national stable and regulatory framework.
Stablecoins vs CBDCS: What is at stake?
So, what's the difference between stable and CBDC and why is it important? Stablecoins usually emit private companies and their support assets such as the US dollar, making them more stable than other cryptocurrencies like Bitcoin. On the other hand, CBDC is directly controlled by the government and would act as a digital version of their own currency. As many Democrats see CBDCs as the future of digital money, Republicans require a more market-based approach with regulated stability.
When the Genius Law passes in the Senate, it can dramatically transform the US stable industry, giving them privately issued digital currencies of legitimacy and regulatory supervision. At the same time, it is likely to postpone or prevent government -backed CBDC development now.
In conclusion, this debate has a significant impact on the future of digital currencies in the standard US, while the government -led CBDC idea may take years to take the rear seat. The Genius Law is certainly a critical step in determining the future of digital money.
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