Dollar-pegged stablecoin law submitted to Trump for approval

The US House of Representatives passed legislation yesterday that would regulate dollar-pegged stablecoins. US President Donald Trump is expected to sign the legislation.

A turning point for the digital asset industry

Yesterday's vote marks a turning point for the digital asset industry, which contributed to the campaigns of candidates who supported crypto assets in last year's US elections.

Brings regulatory framework for crypto assets

Two other bills approved by the House of Representatives will also be debated in the Senate. One would regulate crypto assets, while the other would prevent the US from issuing central bank-created digital currencies.

It received bipartisan support in the House of Representatives

The Genius bill, which would regulate dollar -denominated cryptocurrencies, and the Clarity bill, which would regulate crypto markets, received bipartisan support in the House of Representatives.

What does the stablecoin law bring?

Stablecoins allow money transfers without using banks' payment systems. Once approved, the law will require stablecoins to be backed by cash dollars and short-term US Treasury bonds, and those issuing these assets will be required to publicly disclose their reserves each month.