U.S. Cryptocurrency Law: Proposals Multiply Amid Senate Stalemate
The long-awaited adoption of a legal framework for digital assets in the United States has encountered a serious obstacle. While there is broad consensus on the ambition of coherent regulation of cryptocurrencies, the parliamentary reality is much more chaotic. Amid conflicting interests and internal political struggles, negotiations are stalled in the Senate. Discussions yield no results, despite significant efforts. Meanwhile, actors in the cryptocurrency industry are attempting to salvage the legislation through numerous compromises. However, the situation remains complex and the stalemate persists.
In Brief
The cryptocurrency text is advancing slowly, caught between banking lobbyists and increasing regulatory pressure.
Concessions have been proposed, including the integration of local banks into stablecoins.
The White House convened a meeting between cryptocurrency companies and financial institutions without a clear outcome.
The chairman of the banking committee hopes that an agreement will be reached that makes the United States a leader in the sector.
Providing guarantees to banks to salvage cryptocurrency regulation
Cryptocurrency industry giants want to prevent the bill from failing in the Senate. To that end, they propose concrete compromises. The key idea: to involve community banks more, which have significant influence in some states. These banks could hold reserves of stable cryptocurrencies or even issue their own tokens through partnerships with platforms like Circle or Paxos. A subtle way to make regulation more favorable for banks.
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