The US legislation took another important step on Wednesday when a committee from the House of Representatives joined the Senate counterparts to advance a bill to be considered by the General Chamber, bringing Stablecoin’s regulations closer to reality.
Eventual approvals both in the Chamber and the Senate in general would allow legislators to begin to merge the two versions in unified legislation that could obtain a final assent. Republican legislators and President Donald Trump have directed an August goal to complete the effort.
Although the cryptographic industry and its most reliable Republican allies in Congress were happy to give the happy to welcome many Democrats next to Yes to move the transparency and responsibility of Stablecoin for a better accounting book economy (stable act) of the Financial Services Committee of the House of Representatives on Wednesday, the Democrats in the panel raised concerns about the connections of the connections of Trump and The stabilizations.
A week before the Chamber Committee focused on the bill on Wednesday’s margin, a session in which legislators make changes and debate amendments on the legislation, Trump’s world, World Liberty Financial (WLFI), announced that it is supporting its own Stablocoin (USD1). Trump has been very active in cryptography, even in the sale of non -fungible tokens (NFT) and memecoin $ Trump, even when he presses cryptographic policies at the federal level.
The US regulation of Stablecoins, generally tokens with dollar units, such as the USDT and the USDC of Tether and Circle, is one of the two main priorities of policy for the industry. And the president of the committee, French Hill, argued in the name of the industry that “innovation needs railings, not obstacles.”
Republican members refused to discuss the participation of President Trump’s industry in any explicit term. When Waters and other Democrats pushed the amendments to block the possible conflicts raised by the commercial interests of the president and his direct authority over the regulators who would make decisions about the stables, were rejected by the republicans of the panel, which they repeatedly called such “unnecessary” protections.
“We do not discriminate against entrepreneurs depending on who they are and where they come from,” said Hill. If the government wants clear railings around this space, it repeatedly argued, the best movement is to approve the bill that establishes supervision.
The representative Maxine Waters, the biggest Democrat in the panel, said Trump “took advantage of the presidency’s power to establish multiple cryptography schemes to enrich himself and his family,” calling him a “sample of greed.”
“It is different from any other issuer, because it is the president of the United States,” said Representative Stephen Lynch, the Democrat of Classification in the Digital Assets Subcommittee of the Panel, who argued that Trump would be in a position to sign any aid of the government necessary for his own commercial interests in which they fail. “If this were a Democratic president who tried to do this, the hair of the Republicans would be in flames, and rightly. This should not be happening.”
Another Democrat, the representative of Illinois, Sean Castin, argued that Justin Sun de Tron has put dozens of millions of dollars in WLFI without a clear return that his relationship with the Trump family. He argued that government officials linked to Stablecoins could be influenced by foreign investors in a way hidden from public scrutiny.
The democratic arguments failed to move the republican majority of the committee, so there are no new amendments attached to the effort. Supporters have said that this version of the camera is largely parallel to that of the Senate. Representative Bill Huizenga, a Michigan Republican, said the camera version maintains sufficient authority in the hands of state regulators, which offers a “lighter touch, sometimes.”
“We have an administration ready to adopt these products, and the moment is now,” said Huizenga.
This was one of the few bills before the Financial Services Committee of the House of Representatives that dealt with cryptographic issues. Another legislation debated on Wednesday was one that would form a group of agencies for the application of the Law of the Law to address the illegal use of cryptocurrencies and another that would prohibit the digital currency of the central bank issued by the United States (CBDC). Legislators also voted for dozens of amendments to the Stablecoin bill before voting to advance the bill itself, although they initially had difficulties with their electronic voting system.
As the Stablecoin bill continues to progress, Trump is also ready to sign the first action of the Prorypto Congress: a resolution that deletes a rule of the internal income service that went to decentralized finance operations (Defi). The President is expected to resolve, although he has not announced a schedule to do so.
