Proposed legislation aims to regulate stablecoins and broader cryptocurrency markets, enhancing their legitimacy and usage. Stablecoins enable quick, affordable global payments, originally used by crypto traders and now by companies for payroll. The new bills will establish rules for stablecoin issuance, potentially increasing participation from traditional financial firms. A second bill aims to create a regulatory framework for crypto trading, allowing more products to integrate into mainstream finance. This shift could unlock significant retail capital into the crypto market, pressuring traditional payment networks.
Stablecoins are how dollars go on blockchains, and they enable super-fast, super-cheap global payments. They started as liquidity for crypto traders, but now companies use them for global payroll.
The legislation would spur more comfort among retailers and others to begin accepting stablecoins as payment, says Tony Tuths, tax principal in KPMG's alternative investment tax practice.
If passed, it would establish a new category of registered digital assets, flashing a green light for traditional finance.
More crypto related products would be expected to enter the mainstream market through retail brokerage accounts, thereby opening a floodgate of retail capital into the crypto trading ecosystem.
Collection
[
|
...
]