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The US does not need a digital dollar: stablecoin regulation is a 'knife and cheese' so that the country does not need to develop its own cryptocurrency; understand
vote is scheduled for this week in the US Senate Banking Committee on regulating the stablecoin sector , which is the cryptocurrencies that are backed by the US dollar. Specifically, those that use the dollar as a reference are in the sights of US lawmakers.
Regulation of stablecoins has gained traction in Congress following US President Donald Trump 's declared political support for the initiative.
Early in his administration, the Republican ruled out the development of the digital dollar ( CBDC or Central Bank Digital Currency , a “cryptocurrency” issued by central banks ) and encouraged crypto companies to develop projects with stablecoins in the US currency.
“Clear and risk-commensurate regulation—focused on issuer transparency and reserve requirements—could legitimize stablecoins, attracting institutional capital and accelerating adoption,” writes Hong NG, Bitget’s chief legal officer.
“By favoring private-sector stablecoins over a government-issued CBDC, the U.S. is following Switzerland’s approach, fostering a competitive ecosystem but potentially ceding ground to regions moving forward with state-backed digital currencies, such as China’s digital yuan and the European Union’s digital euro,” the executive said