"Washington Crypto Bills: US Regulatory Momentum on Stablecoin & Blockchain"

"Washington Crypto Bills: US Regulatory Momentum on Stablecoin & Blockchain"
Washington is making moves in the cryptocurrency world, signaling regulatory momentum with the introduction of stablecoin and blockchain bills. The US Senate recently advanced the GENIUS Act in a procedural vote, a landmark bill that aims to establish a comprehensive regulatory framework for stablecoins. At the same time, Representative Tom Emmer reintroduced the Blockchain Regulatory Certainty Act in the Capitol, with bipartisan support.
Breaking down the GENIUS Act, which stands for "Guiding and Establishing National Innovation for U.S. Stablecoins Act," the bill seeks to provide answers to foundational questions surrounding stablecoin issuance and oversight. Rashan Colbert, director of US policy at the Crypto Council for Innovation, highlighted that the bill not only defines the concept of a payment stablecoin but also outlines guidelines for who can be permitted issuers, such as bank subsidiaries, credit unions, and approved non-bank entities.
The bipartisan support for the GENIUS Act is significant and promising. Colbert noted that there has been latent support within Congress, including within the Democratic caucus, but they have not had the opportunity to take meaningful votes until now. This momentum is an exciting development for the cryptocurrency industry.
On the House side, the Blockchain Regulatory Certainty Act, co-sponsored by Representatives Emmer and Ritchie Torres, aims to provide legal clarity to developers and service providers who do not custody customer funds. The act clarifies that these entities are not considered money transmitters, giving builders and entrepreneurs the necessary clarity to operate successfully.
With the rise in cryptocurrency adoption, particularly among minority communities, the pressure is on for regulatory clarity. Colbert emphasized the importance of getting involved in shaping the future of cryptocurrency regulation, as the push for broader market structure reform will be complex. He highlighted the need for people to make their voices heard, as Capitol Hill is finally starting to listen to the significance of cryptocurrency.
To stay informed about these regulatory developments and more insights, listeners can tune in to the full episode of "Byte-Sized Insight" on Cointelegraph's Podcasts page, Apple Podcasts, or Spotify. Additionally, readers can explore Cointelegraph's full lineup of shows for more in-depth coverage of cryptocurrency news and trends.
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