Senate’s Sherrod Brown Unexpectedly Backs Push for Stablecoin Law
Highlights
- Sherrod Brown, a congressman who is skeptical of cryptocurrencies, is lending support to a long-delayed effort to draft new Stablecoin laws.
- The $135.3 billion stablecoin market, which enables dealers to enter and exit the cryptocurrency space, is largely uncontrolled.
- The growing worldwide adoption of stablecoins highlights their crucial function in blockchain technology.
Stablecoin laws in the US could pick up pace and be enacted soon with famous figures also jumping on the bandwagon. According to Bloomberg, Sherrod Brown, a congressman who is skeptical of cryptocurrencies, is lending support to a long-delayed effort to draft new Stablecoin laws.
Sherrod Brown Pushes for Stablecoin Laws
The chairman of the Senate Banking Committee stated on Tuesday that he is willing to move the Stablecoin Laws along with another bill that would recoup CEO compensation from failed institutions and allow banks to work with marijuana companies. The Democratic senator from Ohio, Brown, would strongly increase the likelihood of passage.
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Stablecoin Laws Garner Attention from Many
The support for the laws is not new. Previously, the CEO of Circle, Jeremy Allaire, stated that there is a good chance that the US will enact major stablecoin-related legislation before 2024.
The $135.3 billion stablecoin market, which enables dealers to enter and exit the cryptocurrency space, is largely uncontrolled. Even though authorities all over the world are passing new laws about cryptocurrencies, the United States has yet to enact federal crypto regulation.
Stablecoin Laws To Help Boost The Market
After a notable rebound in 2023, the cryptocurrency market anticipates greater success in 2024, especially for stablecoins. The growing worldwide adoption of stablecoins highlights their crucial function in blockchain technology. With the expectations of a market surge, a good Stablecoin law and regulation will help cement investor trust and give a boost to the market.
Echoing Allaire’s thoughts, Circle’s Chief Strategy Officer Dante Disparte emphasized the significance of implementing stablecoin policies as soon as possible. Legislators in the United States are acting because of worries about the illegal use of cryptocurrencies, which includes financing for terrorism and drug trafficking. The United States seeks to reduce these risks and encourages the appropriate financial applications of stablecoins by enacting explicit rules.
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