US Senators Introduce Cryptocurrency Bill - Draft Provides Federal Regulatory Framework for Crypto Stablecoins
US senators have unveiled a bill that would create a regulatory framework for cryptocurrency, which if passed could potentially boost the adoption of digital assets. The legislation has long been called for, seen as a necessity for the future of digital assets in the US. The bill would define when cryptocurrencies are assets of value, providing legal clarity. The bill would also provide a federal regulatory framework for dollar-pegged cryptocurrencies, called stablecoins.
Banking lobbyists have argued that this would lead to a flight of deposits from the secured banking system, potentially threatening financial stability. Cryptocurrency companies have countered this claim, claiming that prohibiting third parties, such as cryptocurrency exchanges, from paying interest on stablecoins would be anti-competitive.
The bill, which could change as senators consider it, prohibits cryptocurrency companies from paying customers interest simply for holding a stablecoin. However, it does allow them to pay rewards or incentives to customers for certain activities, such as sending a payment or participating in a loyalty program.
The Senate Banking Committee is scheduled to debate the bill and consider possible amendments on Thursday. The Senate Agriculture Committee, which is writing its own version of the bill, will meet later this month to discuss its version.
President Donald Trump has also sought monetary gain from the industry, adamant that his family's crypto ventures have helped push the sector into the mainstream. However, some lobbyists remain skeptical that the cryptocurrency market structure bill can take effect.
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