The political battle over cryptocurrencies is intensifying in Washington. Donald Trump calls on Congress to accelerate the adoption of structuring legislation for digital assets. His statement comes amid growing tensions between the crypto industry and big banks. According to analysts, the latter are trying to influence the rules governing stablecoins as well as the structure of the crypto market.
In brief
- Trump is urging Congress to quickly pass legislation to structure the US crypto market.
- Banks oppose rules favorable to stablecoins, sparking a major clash with the crypto industry.
A law intended to organize the crypto market in the United States
The debate focuses on a bill aimed at defining the structure of the crypto market. But not only that! It would also make it possible to distribute supervisory powers between the SEC and the CFTC.
The legislative discussion reveals an open conflict between traditional financial institutions and crypto industry players. Many experts agree: banks seek to influence the rules in order to impose a stricter framework for digital platforms.
Stablecoins at the heart of regulatory conflict
There regulation of stablecoins today constitutes the most sensitive subject of the debate on crypto in the United States. The sticking point particularly concerns programs offering a return on stablecoins.
Some players in traditional finance believe that these services resemble banking products. They should therefore be subject to same regulatory obligations. A position that worries the crypto industry. The latter sees a risk of hindering innovation.
Good to know: Congress has already adopted a law called the GENIUS Act to regulate these digital assets indexed to traditional currencies. This text represents the first federal attempt to create a framework for stablecoins. Moreover, American banking regulators are already working on its implementation.
In any case, the current debate illustrates a broader issue: the integration of digital assets into the global financial system. Decisions made in Washington could thus determine the role of the United States in the next phase of the crypto economy. To be continued…
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