Legislators could face possible delays in the creation of clear rules for the cryptocurrency market. Senator Cynthia Lummis recently directed the first meeting of the Senate subcommittee on digital assets, which is a major step towards the creation of rules for cryptocurrencies. The subcommittee has been trained to help create a set of rules that will support innovation while protecting consumers.
“I am delighted that we can finally start this important work on the regulation of digital assets,” said Senator Lummis at the meeting. “We have gone a long way since the moment when people were just starting to understand Bitcoin and Stablecoins. Now we are ready to progress. We are in the early stages of Bitcoin and digital assets. If we will adopt legislation, we will need bipartite support. Today’s hearing was the first step. »»
Although this meeting was a big step, he has shown that legislators are still slowly evolving when it comes to adopting important laws. The proposed rules include the Law on financial innovation responsible for Lummis-Gillibrandwhich focuses on the structure of the market and Genius For stablecoins. These laws aim to maintain the competitive US dollar in the digital world while making payments faster and cheaper.
Lummis said: “Many Senate members are still trying to take place” which is a bitcoin “; “What is a digital asset”, which is a stablecoin. I hope we can obtain the legislation to President Trump for his signature this year. »(Sic)
However, legislators are currently focusing on stablecoins rather than wider rules for the entire market, which shows that they adopt a careful approach. THE Genius should protect the American banking system and create equal rules for stablecoin regulations at state and federal levels.
This slower pace of action contrasts with the previous promises made by David Sacks, recently named “Crypto Czar”, who had said that he would pressure for cryptographic reforms in the first 100 days of President Trump’s second term. But Reunion has shown that legislators take place at a slower pace.
Despite these delays, there is still hope that progress will be made. Senator Lummis said she was convinced that the rules for stablecoins could be ready soon, which could lead to more legislation in the future.
