The article discusses the potential impact of stablecoin regulations in theUS,comparing it withEurope’sMiCAframework.It features insights from industry leaders about the regulatorylandscape’sfuture.
Points
- TheUSisexpectedtoimplementstablecoinregulationsby2025.
- EuropeanMiCAlawsserveasareferencepointbutarenotideal.
- USdebtconcernscoulddrivedemandforstablecoinregulation.
- Theoutcomeofthe2024presidentialelectionwillinfluencecryptolegislation.
The introduction of stablecoin regulations across the European Union has sparked curiosity about theUS’splans forfiat-peggedtokens.Shifting political conditions in the US have fostered a morecrypto-friendlyregulatoryenvironment.However,a bill that has been approved by Congress and the White House remains a work inprogress.
“Iam afraid crypto regulations will be pushed down the agenda towards2025,”Fideum CEO andco-founderAnastasija Plotnikova toldcrypto.newsin aninterview.
Plotnikova predicts that the US is on course for comprehensive stablecoin regulations regardless of who wins the elections unless“half-bakedlegislations”are rushed through in the comingweeks.Stabolut founder EnekoKnörrbelieves that legislation will heavily depend on the outcome of the upcoming presidential election and subsequent policydecisions.According toKnörr,the US could“eitherembrace the crypto revolution or risk falling behind the globalcompetition.”
WillMiCA’sStablecoinLawsInfluenceUSRegulations?
While Europe is considered the first major bloc to implement a comprehensive digital assetframework,this development has shifted more attention to theworld’slargest capitalmarket.
“TheUS is in a significantly better position to draft the bill without a need to reach consensus among27MemberStates,each having different interests and politicalalignments.We can anticipate fierce debates on thebill’sscope and requirements for the issuers ofstablecoins,”Plotnikovasaid.
Both Plotnikova andKnörragreed thatMiCA’sstablecoin policies are notideal.Knörrproposed that the US adopt a different approach to balance robust oversight andinnovation.
“However,history has shown usotherwise—acountry that overregulates stifles innovation and drives talent and investmentelsewhere.”
Former House Speaker Paul Ryan opined that passing stablecoin regulations could offer an escape from escalating US debt concerns by boosting demand for TreasuryBills.Plotnikova surmised that“theUS debt crisis has surpassed the point where private entities can simply solveit.”Debt levels have surpassed$34trillion as ofwriting.
Conversely,Knörrnoted that“increasingpurchase ofT-Billscould be highly beneficial for theUS,”even if itdoesn’tcompletely solve the debtissue.
解説
- ThearticlehighlightstheongoingdebateaboutstablecoinregulationintheUS,comparingitwithEurope’sMiCAframework.
- PlotnikovaandKnörremphasizethepotentialfortheUStocreateamoreinnovativeandbalancedregulatoryenvironment.
- FormerHouseSpeakerPaulRyansuggeststhatstablecoinregulationcouldhelpaddressUSdebtconcernsbyincreasingdemandforTreasuryBills.
- Theupcoming2024presidentialelectionwillplayasignificantroleinshapingthefutureofcryptolegislationintheUS.