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HomeLaw & PoliticsRegulatory Framework For Stablecoins Will Take Time: Jim Himes

Regulatory Framework For Stablecoins Will Take Time: Jim Himes

According to a statement made by an American congressman named Jim Himes, the long-awaited regulatory framework for stablecoins will not be considered any time in the near future. It would seem that politicians in the United States are not in a hurry to regulate platforms for trading virtual currencies.

Representative Jim Himes said on the 18th of October, when speaking at a financial conference, that the measure would not be passed by the current Congress owing to the forthcoming elections. “It’s probably not going to happen in the early part of 2023,” Himes said, in response to rising discontent in the United States caused by a lack of regulatory certainty around crypto assets.

In a report that was released earlier this month, the Financial Stability Oversight Council pushed for inter-agency collaboration and asked Congress to go forward with crypto laws. This comes after the Biden Administration requested Congress to move forward with crypto legislation.

He adds “Four years ago if you said Bitcoin, crypto and DeFi in the halls of Congress, nobody would have known what you were talking about. The progress that has been made in Congress is pretty remarkable.”

However, politicians and bankers have just begun to pay attention to cryptocurrency since market prices have increased by around 400% over the course of the previous four years; this does not take into account the November high.

Himes claims that the proposed legislation on the regulation of cryptocurrencies and stablecoins that was introduced by Senators Kirsten Gillibrand and Cynthia Lummis is “gaining steam.”

In light of the fact that the cryptocurrency sector favours regulation by the Commodity Futures Trading Commission (CFTC) rather than by the Securities and Exchange Commission (SEC), this would be beneficial for that sector (SEC). According to this measure, crypto assets may be regarded as commodities, rather than securities, which are subject to far more stringent rules.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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