The regulation of Stablecoins in the US can reach President Donald Trump’s office within two months, according to the executive director of the Presidential Working Group on Digital Assets Markets, Bo Hines.
During a speech on the Digital Asset Summit of Blockworks, Hines said that the market does not fully understand how legislation on Stablecoins can improve the US economy and the dominance of the dollar.
Moreover, he thinks that regulating stablecoins could change the course of the financial markets for the rest of history.
Hines Added:
“This will be a huge piece of legislation, it really pushes the United States ahead, and that is something we are very happy to look forward to.”
The Senate Bank Committee Approved the Stablecoin Regulation Act Genius Act votes on March 13 to 18-6. The approval had dual support and now knew the bill for a full senate voice.
The bill proposes legal guidelines for issuing and supervision in the US in the US, such as a 4: 1 support for these tokens that must be maintained in US dollars, insured bank deposits or short-term factors.
Hines emphasized the dual effort to approve the bill and said that there are not many problems in DC where both parties can come together and the US can further propagate extensively, because it is currently happening with the crypto industry.
Sustainable changes
Hines said that the presidential working group for digital assets has made ‘enormous’ progress in the last eight weeks in terms of realizing Trump’s promises with regard to crypto.
Trump created the group through an executive order Signed on January 23. The responsibility is to create a regulation framework that will offer clarity and support for innovation in crypto.
Hines shared that the group has orientation points. The “30-day milestone” consisted of regulators who sent reports on their regulations problems with regard to digital assets.
The ’60-day milestone ‘, reached on March 24, will consist of recommendations from regulators for the group. This is followed by the ‘120-day milestone’, consisting of a report on everything that agencies do and what they can do to remove barriers for institutional adoption and secure innovation.
Hines also emphasized that supervisors have some autonomy to act independently without constantly needing an executive order to make progress in the field of Crypto Regulation. He further emphasized that the role of the group ensures that “everyone from the same magazine sings with music.”
