Crypto advocacy group The Digital Chamber is pushing for stablecoin legislation amid an increased push for fair crypto regulations across the United States.
The Digital Chamber Pushes For Stablecoin Legislation
According to the “How Stablecoins Are Extending U.S. Dollar Dominance” November 12 report, over 98% of the $170 billion worth of stablecoins are pegged to the U.S. dollar, with stablecoin transaction volume surging past $20 trillion in the past twelve months alone.
NEW REPORT: “How Stablecoins are Extending U.S. Dollar Dominance: A Policymaker’s Guide to Action.”#Stablecoins are no longer just for crypto—98% are USD-linked, presenting a powerful opportunity to expand U.S. financial influence globally.
Read more: https://t.co/8wwXK6wBsW
— The Digital Chamber (@DigitalChamber) November 12, 2024
“USD-linked stablecoins are a critical tool to extend the global dominance of the U.S. dollar, expand dollar access to new markets, and protect our national security interests,” the crypto organization noted.
The report further argued that the U.S. dollar-linked stablecoins provide users with heightened financial freedom while leveraging the national currency, showcasing cryptocurrencies as a tool for economic dominance as opposed to weakening it.
“The U.S. remains on the sidelines in developing an appropriate regulatory framework that can take advantage of the opportunities posed by a USD-linked stablecoin ecosystem,” The Digital Chamber added. “Our absence has paved the way for international actors to develop and launch their own frameworks that could exacerbate challenges to the primacy of the U.S. dollar as the world’s reserve currency.”
The report listed several policy recommendations for U.S. lawmakers concerned with crypto legislation, including taking a balanced approach to implementing a stablecoin framework while ensuring the tokens are not classed as securities.
Will The U.S. See New Crypto Regulations Soon?
The release of The Digital Chamber’s latest report comes amid growing interest in cryptocurrencies across the U.S. as the sector has largely expressed renewed optimism for a balanced crypto policy in light of the 2024 U.S. presidential election.
President-elect Donald Trump largely praised digital currencies on the campaign trail, promising to enact crypto-friendly regulations if re-elected to the Oval Office.
“We will have regulations,” Trump stated at the Bitcoin 2024 Conference this past summer, adding, “but from now on, the rules will be written by the people who love your industry, not hate your industry.”
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