Despite the excitement surrounding what President Donald Trump called the “encryption week”, experts warn of early celebrations in the coded currency area.
The House of Representatives recently approved three important bills aimed at regulating digital assets, which represents a pivotal moment for this industry. However, these legislative changes are not expected to become valid for some time.
Three major encryption bills have passed
The three bills law-the genius law, the law of the digital assets market, and the CBDC-monitoring law-is seen as decisive steps towards the creation of a The organizational framework Curricula coins.
This development has been fed through intensive pressure efforts by industrial players such as Coinbase Global, which has succeeded in influencing politicians, including Trump.
In anticipation of this legislative week, bitcoin prices have risen to register levels above $ 123,000 for the first time, as well as significant gains in other encrypted currencies such as ETHEREUM (ETH) and XRP. However, the TD Securities Jaret Seiberg analyst notes that it may take a year until the new legislation will enter into force.
Among the draft laws approved, the Genius law only cleansed the Senate, and Trump fell short of the law shortly. This law defines a framework for regulating payment Stablecoins Asking exporters to maintain individual reserves in US dollars or treasury papers.
Treasury Secretary Scott Payet has argued that this law could generate an additional request of $ 3.7 trillion on T-Bells, although some analysts, such as Raymond James’ Ed Mills, express doubts about such expectations.
The implementation schedule remains uncertain
Despite the signing of the genius law, there will be no immediate effects on Stablecoin exporters such as Circle Internet Group or Tether.
like I mentioned By ABC News, the Treasury is expected to formulate the rules within a year that in detail the qualifications of the Stablecoins version and the conditions through which foreign Stablecoins can enter the United States market. This process will include a general comment and may lead to litigation, indicating a lengthy timetable before any real changes in the industry are feeling.
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On the other hand, the law of the clarity of the digital assets market is especially important because it defines the organizational supervision of encrypted exchanges, brokers and symbols between the CFTC and the Securities and Stock Exchange Committee (SEC).
With the support of the two parties in the House of Representatives, there is optimism that the Senate will pass its version before the upcoming August holiday, which may submit a unified law to sign the President by September.
CBDC control law, the third part of legislationIt aims to prevent the federal reserve from issuing a digital currency to the Central Bank (CBDC). This draft law, which has passed with narrower margins, has been attached to a draft law on national defense, and its future in the Senate will be imposed on long negotiations, and it may extend until December.
Distinctive image from Dall-E, Chart from TradingView.com
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