Stablecoin

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In a recent statement before the House of Representatives, US Treasury Department Secretary <a href="https://bitcoinist.com/crypto-on-the-agenda-janet-yellen-congress-today/" target="_blank" rel="noopener nofollow">Janet Yellen</a> emphasized the need for Congress to pass legislation that provides clarity and regulation in the crypto markets.&nbsp; 
<h2 id="secretary-yellen-calls-for-action-digital-asset-risks">Secretary Yellen Calls For Action ‘Digital Asset Risks’&nbsp;</h2> 
During the Financial Committee hearing, Yellen <a href="https://x.com/taylorjbarr/status/1754899573200355827?s=20" target="_blank" rel="noopener nofollow">highlighted </a>the “risks” associated with<a href="https://www.newsbtc.com/crypto/grayscale-ceo-highlights-us-opportunity-to-lead-crypto-space-through-regulation/" target="_blank" rel="noopener "> digital assets</a> and called for measures to address potential vulnerabilities and non-compliance with applicable laws and regulations. 
Yellen specifically mentioned concerns related to runs on crypto-asset platforms, stablecoins, and the “proliferation” of platforms acting outside regulatory boundaries.&nbsp; 
The Treasury Secretary stressed the importance of enforcing existing rules and regulations while urging Congress to enact legislation specifically targeting <a href="https://www.newsbtc.com/ripple-2/ripple-executive-gives-3-bold-predictions-on-crypto-regulations-in-2024/" target="_blank" rel="noopener ">stablecoins </a>and “non-securities” crypto assets in the spot market. 
Notably, Taylor Barr, head of policy at the blockchain trade association Chamber of Digital Commerce, <a href="https://x.com/taylorjbarr/status/1754899574899040420?s=20" target="_blank" rel="noopener nofollow">pointed out</a> that the bipartisan FIT for the 21st Century Act, led by Representative French Hill, aligns with Yellen’s call for market structure and regulation. 
Hill, a proponent of the legislative environment for crypto, previously <a href="https://www.forbes.com/sites/digital-assets/2023/08/23/congressman-french-hill-sees-urgency-in-congress-to-pass-crypto-legislation/?sh=28ef245d3a69" target="_blank" rel="noopener nofollow">highlighted </a>the progress made in the House of Representatives. He emphasized passing the first comprehensive regulatory framework for digital assets and the prudent approach to stablecoins.&nbsp; 
Furthermore, Hill believes that these initiatives address significant “regulatory gaps” and contribute to the crypto industry’s growth. 
<h2 id="pro-crypto-stance-and-legislative-initiatives-align">Pro-Crypto Stance And Legislative Initiatives Align</h2> 
Barr also commended the Clarity for Payment Stablecoins Act proposed by the Chairman of the US Financial Committee, Patrick McHenry.&nbsp; 
This act aims to establish consistent oversight and consumer protection for payment stablecoins, incorporating successful state-level regulations and striking a balance between innovation and regulatory certainty. 
McHenry, who has been vocal about the importance of the US leading the financial system of the future, has already <a href="https://bitcoinist.com/congressman-praises-stablecoins-vital-21st-century/" target="_blank" rel="noopener nofollow">emphasized </a>the bipartisan progress on legislation to address the regulatory challenges posed by digital assets.&nbsp; 
McHenry called for the “completion of the job,” highlighting the Clarity for Payment Stablecoin Act as a crucial step towards establishing a federal framework for stablecoins. 
Overall, the convergence of Secretary Yellen’s call for regulation, Representative Hill’s legislative initiatives, and Chairman McHenry’s <a href="https://www.newsbtc.com/stablecoin/us-congresswoman-raises-concerns-about-paypal-pyusd-stablecoin/" target="_blank" rel="noopener ">pro-crypto stance </a>reflect a growing momentum toward establishing a comprehensive regulatory framework for the crypto industry.&nbsp; 
However, it remains to be seen how Secretary Yellen’s proposed regulatory enforcement ideas and proposals will strike a balance between fostering innovation, as emphasized by McHenry and Hill while ensuring the growth of nascent technology.&nbsp; 
As discussions on crypto legislation continue, the industry eagerly anticipates the outcome, seeking a regulatory environment that provides clarity and consumer protection and positions the United States at the forefront of digital asset innovation. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/xq71fIFG/" alt="Crypto" width="1814" height="858"> 
Featured image from Shutterstock, chart from TradingView.com&nbsp;

US Treasury Secretary Janet Yellen Urges Congress To Pass Crypto Legislation

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