CandleFocus

Why We Need a Bipartisan Stablecoin Bill – Gillibrand

Author: Content Editor
The U.S. is at risk of falling behind in the development of Web3, the next generation of the internet built on blockchain, digital assets, and cryptocurrencies. The European Union has already passed comprehensive cryptocurrency regulation, and China is promoting its digital yuan, threatening the dominance of the U.S. dollar. To maintain its position, the U.S. needs clear and sensible cryptocurrency regulations that foster innovation, protect consumers, and keep Web3 jobs within its borders. Starting with stablecoins, which are cryptocurrencies pegged to national currencies, is suggested as a crucial step. Stablecoins have bipartisan support due to their low-cost payment abilities and potential to increase access to financial services, but they also face challenges such as collapse and money laundering risks. The bipartisan GENIUS Act aims to address these challenges by establishing strict reserve requirements, prohibiting unbacked stablecoins, and enforcing anti-money laundering rules. The bill has received input from various stakeholders and aims to empower innovators while eliminating bad actors. Taking a leading position in Web3 is important for maintaining American exceptionalism and global economic competitiveness.

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