US lawmakers reportedly behind effort to develop global cryptocurrency regulations

US lawmakers reportedly behind effort to develop global cryptocurrency regulations

The Biden administration is said to be pushing for a global alliance on crypto rules

In an effort to put cryptocurrency issuers in the same category as banks, President Joe Biden’s administration is considering a new legal framework. This news undoubtedly raises some doubts about the future of cryptocurrency regulation in the country.

Late last week, The Wall Street Journal reported that the Biden administration intends to convince Congress to create a new special-purpose charter so that stable coin issuers and other related businesses can be positioned in the same category. While there is no clear picture regarding this legislation, it is expected to be tailored specifically to these types of business models.

Over the past few months, legislators have been sounding the alarm about stable currencies as many believe that these dollar-linked assets are not being adequately regulated. Federal Reserve Chairman Jerome Powell told the Financial Services Committee that stable currencies such as Tether (USDT) and USDC Coin (USDC) should have the same regulatory parameters as many money market funds such as bank deposits. However, he made it clear that there is not yet a total ban on Bitcoin or other digital assets on the cards.

There has long been a quest for cryptocurrencies and the entire space, in general, to be more adequately regulated. However, none of those efforts have come to fruition so far. The popularity of cryptocurrencies continues to increase as time goes on, and regulators are looking to have a legal framework in place before it is too late.

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