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.
Read Also: Binance US Welcomes Ex-Fed Officer to Steer Compliance
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.
Read Also: Bitcoin Price Drops as Powell Signals Delay in Interest Rate Cuts
Recent Posts
- Crypto News
Tom Lee Says Bitcoin Could Hit New ATH In January As Hassett Becomes Favorite For Fed Chair
Bitcoin may be lining up for a powerful rebound, as Fundstrat’s Tom Lee believes a…
- Top
8 Best Crypto Exchanges That Accept PayPal Deposits and Withdrawals
The convergence of traditional finance and digital assets is accelerating, driven by user demand for…
- Crypto News
Jerome Powell Speech Today: What To Expect as Fed Ends QT
Federal Reserve Chair Jerome Powell will give a speech today at a Stanford event, just…
- Crypto News
Tom Lee’s BitMine Acquires 96,798 ETH Ahead of Ethereum Fusaka Upgrade
BitMine Immersion Technologies expanded its Ethereum position again last week as digital asset treasuries across…
- Crypto News
Schiff Predicts ‘Beginning of the End’ for MSTR as Strategy Eases Bitcoin Sell-Off Fears With $1.44B Reserve
Renowned economist and Bitcoin critic Peter Schiff has predicted that MSTR could suffer a massive…
- Crypto News
Bitget Launches MONAD Earn With 20% APR, 800K MON Airdrop Campaign
Bitget has launched two rewards participation events following the listing of the Monad native token…