Crypto Legislation Moves Forward: A Legislative Milestone
The U.S. House of Representatives has advanced key crypto legislation, following intervention by President Trump. The legislation includes a federal framework for stablecoins and market structure rules for crypto products. A third bill, prohibiting the Federal Reserve from issuing its own digital currency, is tied to defense legislation.
The Republican-controlled U.S. House of Representatives has successfully navigated important procedural steps on crypto legislation. This development comes in the wake of President Donald Trump's intervention, aiming to establish the first federal law for digital assets.
One of the bills focuses on creating a federal structure for stablecoins, a type of cryptocurrency that maintains a consistent value, mainly pegged to the dollar. This initiative marks a significant triumph for the crypto sector, having already passed the Senate and awaiting approval from President Trump.
Additionally, the legislation seeks to define market structure rules for crypto commodities. Notably, a proposed bill backed by conservatives would block the Federal Reserve from issuing its digital currency. This bill is being strategically tied to a defense authorization package amid ongoing House debates.
(With inputs from agencies.)
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