Stablecoin bill is a ‘no-brainer’ – Director at Consensys US Law

In the year In the ongoing campaign for the 2024 election, many United States lawmakers have not sealed a deal aimed at creating regulatory transparency in the digital asset space, including stablecoins.

Speaking with Cointelegraph at the North American Blockchain Summit on November 16, Bill Hughes, Consensus senior counsel and director of global regulatory affairs, said: “It's been an exciting time in the policy world” as members of Congress find out which crypto bills they're planning. to help. According to Hughes, legislation on stablecoins should be a “no brainer” after lawmakers resolve issues with state-level regulators.

“Stablecoins are a big part of the crypto ecosystem – this is one of the best uses of blockchain technology,” said the Consensus director. There is this one policy stumbling block that holds things up.

Hughes added that Massachusetts Sen. Elizabeth Warren may have support for a crypto bill aimed at curbing the illegal use of digital assets, but would have trouble addressing anti-money laundering. In contrast, the Clarity for Payment Stablecoins Act, introduced by House Financial Services Committee Chairman Patrick McHenry, “was very sensible, all things considered,” said the Consensus director.

“Crypto has definitely become a political football in DC,” Hughes said. “There are those who are clearly outwardly and cheerfully hostile. There are many who see it as an interesting place to be given room to breathe, and who are remembering that there are important concerns that should be the proper subject of federal policy.”

This law she proposed does nothing to solve the problem she claims to solve. Literally nothing.

DOJs settlement helps today though. https://t.co/IkcFIAygLO

— Bill Hughes: wchughes.eth (@BillHughesDC) November 22, 2023

Like everywhere else, Hughes expects the U.S. Securities and Exchange Commission to give the green light to a bitcoin (BTC) exchange-traded fund, or ETF, but didn't rule out the regulator continuing to delay a decision:

“I wouldn't be surprised if the Bitcoin ETF is finally allowed to go forward. […] There is huge vendor demand for it. […] The current reason for absence is inconsistent.

Related: US House FSC to discuss illegal activity in crypto at upcoming hearing

The 2024 presidential candidates, Republican Vivek Ramaswamy and independent Robert F. Kennedy, Jr., attended the North American Blockchain Summit and expressed their support for several crypto-related policies — an issue that has largely not taken center stage in Republican circles. Dispute of the parties. According to Hughes, crypto has been “too far out of the way” when it comes to political issues and is likely to be represented in the eyes of candidates on broader issues such as financial freedom and the size of government.

Journal: Unstable Coins: Debasement, Bankruptcy and Other Risks Looming.