The United States turns its attention to stablecoin regulation
2022.05.07 17:01
The United States turns its attention to stablecoin regulation
The United States continues to be a global leader in embracing the cryptocurrency industry thanks to the work of Sen. Patrick Toomey, with the White House being at the forefront of crypto regulation. Last year, President Joe Biden signed a $1.2 trillion bipartisan infrastructure bill — and it included some new legislation that would impact the crypto sector. And more recently, the U.S. president announced a “whole-of-government” approach to regulating cryptocurrency in an across-the-board executive order directing multiple government agencies to answer specific questions on cryptocurrencies. The U.S. for the last year has clearly been seeking to help make the crypto industry more sustainable, which will make it significantly easier for cryptocurrency platforms to operate.
But the Stablecoin Transparency of Reserves and Uniform Safe Transactions Act of 2022, dubbed the Stablecoin TRUST Act for short, makes the U.S. likely the only country, or at least the only Western country, to fully regulate and accept stablecoins as an official part of the financial and banking system.
Raymond Hsu is the co-founder and CEO at Cabital, a cryptocurrency wealth management platform. Prior to co-founding Cabital in 2020, Raymond worked for fintech and traditional banking institutions, including Citibank, Standard Chartered (OTC:SCBFF), eBay (NASDAQ:EBAY) and Airwallex.
