Stablecoin, market structure bills should get done this year — Rep. Khanna

US Representative Ro Khanna, a Democrat from California, said astatine the Digital Assets Summit connected March 18 that Congress “should beryllium capable to get” some a stablecoin and crypto marketplace operation measure done this year.

Khanna added that determination are 70 to 80 Democrats present who recognize the value of stablecoin authorities successful expanding American power astir the satellite by giving much radical entree to dollars.

Rep. Ro Khanna (right) astatine the Digital Assets Summit, March 18. Source: Cointelegraph

Stablecoins are a growing crypto usage case, particularly successful processing countries wherever determination is constricted entree to carnal dollars. There are presently stablecoin bills making their mode done some chambers of Congress, including the GENIUS Act successful the Senate.

As for a crypto marketplace operation bill, Khanna noted the Financial Innovation and Technology for the 21st Century Act, besides known arsenic FIT21, which helium worked connected with erstwhile Representative Patrick McHenry. “I recognize that determination has to beryllium immoderate tinkering to that,” Khanna said, “but a basal marketplace operation measure should emerge.”

Executives successful crypto person said that the manufacture will payment much from US regulatory clarity surrounding integer assets than adjacent the strategical Bitcoin reserve. At this clip of writing, cryptocurrency prices, including for Bitcoin (BTC), person fallen since the signing of US President Donald Trump’s enforcement bid creating the reserve.

Related: Banks propulsion to artifact stablecoin authorities implicit marketplace stock fears

Khanna captious of the president’s memecoin

As enthusiastic arsenic Khanna was astir Congress passing stablecoin and crypto marketplace regularisation bills this year, helium was arsenic captious astir President Trump’s memecoin, Official Trump (TRUMP).

“I’ll accidental this conscionable to situation folks,” Khanna said. “I’ve been a protagonist of blockchain, of crypto technology, but I knock this thought of the president having a memecoin. I don’t deliberation immoderate elected authoritative should beryllium having a memecoin, and those types of things, successful my view, distract from the cardinal exertion and making the case.”

He added, “We person to admit that those types of things are not adjuvant successful convincing the American nationalist that there’s an underlying exertion that is valuable.”

Related: What is TRUMP? Donald Trump’s billion-dollar memecoin

President Trump’s memecoin and his family’s crypto ventures whitethorn raise conflict-of-interest concerns, and California Representative Maxine Waters has said the infamous memecoin perchance opened the doorway to corruption and whitethorn hazard nationalist security.

California Representative Sam Liccardo has introduced a measure that would marque it illegal for US presidents, members of Congress, elder authorities officials, and their spouses and children to contented oregon sponsor commodities, securities oregon cryptocurrencies.

Magazine: X Hall of Flame: Memecoins volition dice and DeFi volition emergence again — Sasha Ivanov