By Isabelle Castro Margaroli
McHenry’s “ugly baby” of a stablecoin bill is making some steps forward…albeit at a snail’s pace.
In July, despite an ongoing duel over specifics and alleged delays from the Fed, the US congressional committee advanced the bill, setting it up for its next steps : the house floor and the presidential signature.
But the bill can’t come soon enough.
Globally, steps are being made to upgrade financial systems with stablecoins as the driver. Digital currencies and tokenization are increasingly praised for their “frictionless” potential.
A major thing that is missing for the US to participate? Regulatory protection.
Until the bill has passed through all the necessary hoops, the financial institutions poised and ready to take advantage of stablecoins will face barriers, restricting their effectiveness.
Regulators worldwide are providing the clarity the financial sector needs to take the technology to meet its full potential.
The longer the US stalls their bill – the more likely they will be left behind.
FEATURED
The Stablecoin Bill Is a Vital Upgrade for US Financial Plumbing
By Heath Tarbert
The Clarity for Payment Stablecoins bill is sensible legislation for technology that could help millions of people, says Circle’s Heath Tarbert, the former chair of the U.S. Commodity Futures Trading Commission.
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