The United States may enact stablecoin rules in 2024

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2024-02-01

The CEO of Circle is confident that 2024 will be the year the United States will enact legislation on stablecoins.

Jeremy Allaire predicts that the United States will approve a stablecoin bill this year

In the absence of specific federal cryptocurrency legislation in the United States, Jeremy Allaire, the head of the stablecoin issuer USD Coin, expressed optimism that the U.S. Congress could pass a stablecoin bill this year. Allaire shared this perspective in a conversation with CNBC at the World Economic Forum in Davos, Switzerland.

He emphasized that the expectations are not only from the government but also from the Department of the Treasury, the Federal Reserve, and both Houses of Congress. According to him, the trend of cryptocurrency regulation is rapidly spreading globally, and the United States is more likely to approve stablecoin legislation compared to previous years.

Allaire highlighted that "cryptocurrency is happening worldwide," and many other countries have taken the lead in enacting cryptocurrency regulations ahead of the United States. He believes there is a strong expectation for action to be taken, affirming the leadership role of the United States while ensuring consumer rights during this transformative period. This demonstrates the proactive and adaptive stance from the United States to respond to trends and shape the future of the cryptocurrency industry.

What will happen when the United States enacts legislation on stablecoins?

Advocates for cryptocurrency regulation argue that federal regulations will contribute to enhancing the credibility of this asset class and pave the way for widespread acceptance. This is not only the key to shaping a positive image of stablecoins within the community but also helps build a foundation for sustainable development in the future.

Coinbase, the company, has committed a significant amount, approximately 2 million USD allocated in 2023, to support activities related to stablecoins. This demonstrates a strong desire to facilitate the proposal and discussion of new regulatory measures.

Circle, the second-largest stablecoin provider, is equally proactive with a substantial contribution of 300,000 USD in the same phase. These companies not only aim to maintain stability for stablecoins but also show initiative in participating in the policy-shaping process.

Moreover, the involvement of representatives from traditional financial companies such as Bank of America and Visa, as well as contributions from the U.S. Chamber of Commerce, demonstrates broad unity in supporting and promoting regulatory measures related to stablecoins.

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