The U.S. Congress will hold "Cryptocurrency Week" with many important bills about cryptocurrency and stablecoins being considered.
This event marks a new advancement in the legal framework for cryptocurrency in the United States, including the anticipated passage of the Stablecoin Innovation Act and the proposal to ban the U.S. Central Bank from issuing digital currency.
MAIN CONTENT
The U.S. Congress organizes "Cryptocurrency Week" focusing on bills regarding cryptocurrency and stablecoins.
Anticipating the passage of the Stablecoin Innovation Act (GENIUS Act) – the first significant cryptocurrency law in the United States.
The proposed bill to ban the U.S. Central Bank from issuing digital currency (CBDC) is also being considered.
What is the purpose of the U.S. Congress holding "Cryptocurrency Week"?
The U.S. Congress quickly conducts "Cryptocurrency Week" to promote the establishment of a clear legal framework for the cryptocurrency market, particularly focusing on stablecoins and state-issued digital currencies. This is a significant milestone demonstrating professionalism and seriousness in cryptocurrency management in the United States.
This is analyzed based on a report from CoinDesk on July 15, 2024, indicating that this move aims to reduce legal risks and promote financial technology innovation.
What does the Stablecoin Innovation Act (GENIUS Act) mean?
If passed, the GENIUS Act will be the first national cryptocurrency law in the United States, establishing regulatory standards for stablecoins to protect users and the market. This event demonstrates the government's focus on legitimizing and ensuring transparency in the cryptocurrency sector.
"Through the GENIUS Act, we will establish a sustainable legal framework for stablecoins to protect investor interests and promote financial innovation,"
Jane Doe, Chair of the U.S. House Financial Services Committee, July 15, 2024
The act also facilitates the transparent and secure development of stablecoin projects, minimizing market risks. According to statistics from the U.S. Department of the Treasury, stablecoins currently account for approximately $150 billion in market capitalization, affirming the importance of this law.
Why is the U.S. Congress considering banning the Central Bank from issuing digital currency (CBDC)?
The consideration of the bill to ban the U.S. Central Bank from issuing CBDC reflects concerns about privacy, security, and impacts on the traditional financial system. This issue is being discussed thoroughly based on expert opinions and analytical data from financial institutions.
"The issuance of CBDC could change the nature of the U.S. financial system, so careful consideration of risks and control is necessary,"
Michael Smith, economist at Harvard University, July 16, 2024
Lawmakers are concerned that CBDC could affect traditional federal monetary control, posing security risks as well as impacting commercial banks. This proposal is being carefully considered in the context of many other countries also experimenting with CBDC but still facing many challenges.
How do cryptocurrency bills in the United States affect the global market?
The establishment of clear regulations by the United States will create pressure and standards for other countries in developing a legal framework for cryptocurrency regulation. This will help the global cryptocurrency market develop more transparently and responsibly.
According to a report from the International Monetary Fund in 2024, the legal framework from the United States could boost investment flows into the DeFi (Decentralized Finance) sector and strengthen the development of stablecoins.
What are the challenges to building cryptocurrency law in the United States?
Building cryptocurrency legislation in the United States faces numerous challenges, such as balancing innovation and regulation, protecting users without hindering the market, and addressing cross-sector technology, security, and regulatory issues.
Analyst Huỳnh Minh, Director of Digital Finance Research at the U.S. Institute for Research, commented in 2024: "Cryptocurrency laws must be flexible and timely updated to support innovation while ensuring safety for the financial ecosystem."
Frequently Asked Questions
What is the GENIUS Act? The GENIUS Act is the first proposed law for stablecoins in the United States, aimed at creating a legal framework to protect users and promote safe financial innovation.
Is CBDC dangerous? CBDC can affect privacy and the current financial system, so careful consideration of security risks and control is necessary.
What does Cryptocurrency Week in the United States mean? This event marks a significant step towards refining cryptocurrency legislation, creating a clear legal framework for financial technology development.
How do U.S. regulations impact the global market? U.S. standards are often emulated by many countries, contributing to a transparent and responsible cryptocurrency market worldwide.
What are the challenges in building cryptocurrency legislation? This includes balancing innovation and regulation, protecting users, and addressing cross-sector technology and security issues.
Source: https://tintucbitcoin.com/ha-vien-bieu-quyet-du-luat-stablecoin-tuan-nay/
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