The US Congress will pass legislation on stablecoins, a type of cryptocurrency backed by US dollars, within its first 100 days under the new administration. This move is seen as a positive development for the crypto industry, which has been largely unregulated.
A working group has been formed to accelerate consensus on key pieces of digital asset legislation. The group includes top lawmakers and White House officials, including Senator Tim Scott and David Sacks, who also runs a venture capital firm. They have expressed concerns about regulatory clarity, with Sacks stating that many crypto founders need clear guidance from Washington.
The introduction of the stablecoin regulation bill by Senator Bill Hagerty is seen as a major step forward. However, Democratic leaders have raised concerns about the potential for illicit activity. Despite this, lawmakers are optimistic about the prospects for bipartisan cooperation on digital asset legislation.
This move comes amid growing debate within the crypto community about the industry’s credibility. The fact that President-elect Trump has made significant profits from his investments in cryptocurrency is seen as a sign of its power. Nevertheless, there are still concerns about the need for greater regulation to ensure the industry remains legitimate and trustworthy.
Source: https://www.axios.com/2025/02/04/trump-crypto-legislation-regulations