The U.S. House of Representatives is ready to pass significant cryptocurrency legislation which includes stablecoin regulatory rules to advance digital asset oversight. The bill will pass through the House of Representatives on Thursday before President Trump signs it possibly on Friday.
The Senate-approved bill will create regulatory standards for stablecoins that have U.S.-dollar pegs to establish their place in traditional financial systems. The legislation marked the end of a remarkable week of Capitol Hill negotiations which Republicans called “crypto week.”
The bill gained enough support when conservative lawmakers agreed to add central bank digital currency restrictions to a different defense bill. The agreement proved essential for advancing the legislation because it addressed government concerns about digital currency surveillance of personal financial activities.
Stablecoins function as popular payment tools in crypto markets because they maintain stable value and provide cheap transaction fees. The implementation of formal regulations would help speed up the process of stablecoins becoming mainstream payment tools.
The effort to keep the bill alive received support from Trump after he met with Republican skeptics and lawmakers worked through final issues during extended sessions on Wednesday night. The stablecoin bill would establish itself as the first significant crypto law in U.S. history if Trump signs it into law.
