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Congress Takes First Step To Regulate Stablecoin Cryptocurrency Market

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Members of the U.S. House Financial Services Committee turned their attention to stablecoins Wednesday, picking up where they left off on regulation pushed back last year. But lawmakers said any progress made since then is tenuous at best. FSC ranking member Maxine Waters (D-CA) suggested that lawmakers are “starting from scratch” after Republicans made alterations to a bill that died on the vine last year ahead of the midterm election called the Stablecoin TRUST Act. Lawmakers’ most recent pass at getting stablecoin legislation doesn’t have a catchy name yet. Right now, it’s still called “To be added Act of 2023.” Representative Stephen Lynch (D-MA) criticized the legislation being discussed, saying the recent banking crisis spotlights the need to keep digital assets away from traditional finance. At the same time, Lynch said that one of the “saving graces” of the crypto exchange FTX’s collapse was that it didn’t spill over into the traditional financial system, saying losses would’ve occurred for investors more broadly if crypto hadn’t been “ring-fenced.” The high-profile hearing on regulation took place a day after some Committee members grilled Securities and Exchange Commission (SEC) Chair Gary Gensler on his approach toward the digital assets industry. Members of the Committee were set to review 72 pages worth of draft legislation that would “provide requirements for payment stablecoin issuers” and foster “research on a digital dollar.”

At the U.S. House Financial Services Committee hearing, lawmakers discussed legislation to regulate stablecoins and the potential harm that crypto could pose to traditional finance. Witnesses included representatives from the New York State Department of Financial Services (DFS), Consumer Reports, and the Blockchain Association. The bill covers a regulatory framework for stablecoins on both the state and federal level, calls for a two-year moratorium on new stablecoins, and sets standards for interoperability, reporting, and enforcement. Stablecoins comprise a significant chunk of the crypto market, valued at around $132 billion. Treasury Secretary Janet Yellen and SEC Chair Gary Gensler have weighed in on stablecoins, with Gensler calling stablecoins “poker chips” and Powell suggesting they should be regulated in “comparable ways.” This hearing comes nearly a year after the implosion of TerraUSD, a algorithmic stablecoin, which caused a wave of high-profile bankruptcies.

This hearing on stablecoin regulation is an important step in the discussion of how to best protect users while also allowing innovation to continue. The legislation being discussed seeks to provide a regulatory framework for stablecoins on both the state and federal level, as well as setting standards for interoperability, reporting, and enforcement. It is important for lawmakers to discuss the potential harm that crypto could pose to traditional finance, as demonstrated by the recent banking crisis, but also the potential benefits of stablecoins for the global economy.

#StablecoinRegulation #CryptoRegulation #USHouseFinancialServicesCommittee #StablecoinLegislation #CryptoLegislation

You can read more about this topic here: Decrypt: Congress Is ‘Starting From Scratch’ on Stablecoin Legislation

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ing the Tax Law Uncover the Secrets of Tax Law with David L. Schwed

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David L. Schwed is the Chief Operating Officer for Halborn. He was interviewed at Messari Mainnet 2023 by André Beganski to discuss the upcoming video game AI Arena, as well as Avantgarde Finance CEO and founder Mona El Isa, who talked about how DeFi has changed since the collapse of FTX. This interview provides insight into the current state of the crypto space and what the future may bring. #Crypto #DeFi #AI #FTX

You can read more about this topic here: Decrypt: David L. Schwed

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ing the Ins and Outs of Cryptocurrency Unlock the Secrets of Cryptocurrency with Dave Lemke

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This article provides an overview of the current prices of various cryptocurrencies, such as Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, and others. It also provides a link to the Decrypt website, which includes videos and podcasts interviews with big names in the crypto space. This news is good for those who are interested in cryptocurrency and want to stay up to date with the current prices.
#Cryptocurrency #CryptoPrices #CryptoNews #CryptoInterviews

You can read more about this topic here: Decrypt: Dave Lemke

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Unlock the Secrets of Cryptocurrency with Dave Lemke
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ing the Mystery of SEO Unlock the Secrets of SEO with Amanda Tuminelli: A Guide to Maximizing Your Site’s Visibility

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This article provides the latest prices of various cryptocurrencies, such as Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, and more. It also provides a brief interview with Amanda Tuminelli, the Chief Legal Officer of the DeFi Education Fund. This article provides useful updates on the crypto market, allowing users to stay informed and make informed decisions. #Cryptocurrency #CryptoMarket #DeFi #CryptoInvesting

You can read more about this topic here: Decrypt: Amanda Tuminelli

The post ing the Mystery of SEO
Unlock the Secrets of SEO with Amanda Tuminelli: A Guide to Maximizing Your Site’s Visibility
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