Senator Bill Hagerty (R-TN) says that one segment of the crypto industry will probably be the biggest holders of American treasuries.
In a new interview on CNBC television, Hagerty says that Stablecoin -Emitents will probably buy huge amounts of American treasuries as reserve funds to ensure that the digital assets remain linked to the dollar.
Hagerty says,
“Stablecoin -mittenten will be the biggest holders of American treasury in the world.”
Hagerty introduced the Guiding and Counterting National Innovation for US Stablecoins (Genius) ACT, which aims to establish the federal regulations on the use of Stablecoins. The bill is currently being discussed by the congress.
Asked what Stablecoins will support, says Hagerty,
“It will not be shares. It will be high -quality short -term assets, either short -term American treasury or cash. I think the majority of the American treasury will be.”
On Monday, Hagerty celebrated the bill that came closer to the law.
“Tonight the Senate continued with the Genius Act. This groundbreaking, Bipartisan legislation will bring the American payment system in the 21st century. The Genius Act Skyrockets the United States The United States with a digital payment framework with a digital rails possible. The United States will go in the future.
The potential legislation would require Stablecoin spending to support their assets for their assets in a ratio of 1: 1. The bill also states that the reserves of Stablecoin’s issuer can consist of the American currency; funds held as question deposits or insured shares at an insured Depository institution; and Treasury accounts, notes or bonds.
https://www.youtube.com/watch?v=HC3VGV2WIUU
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