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Stablecoins now take effect after the European Union began to enforce their Markets in Crypto Assets regulation.
While this landmark legislation offers crucial protection to consumers and businesses alike, it also introduces demanding requirements for issuers such as transaction limits and strict requirements on capital, reserve, and redemption.
MiCA is more than just an improvement in European crypto regulations. It warrants further discussion about how other jurisdictions, such as the United States, can improve and build on their regulatory requirements.
The US crypto sentiment is at a record high. In the wake of an upcoming election, both political parties are focusing on crypto as a means to demonstrate progress and show action. The passage of the Financial Innovation and Technology Act for the 21st Century in the House was a good example and the result of many discussions asking for more regulatory clarity.
But we shouldn’t stop there. The US, perhaps more than any other jurisdiction, must pass stablecoin laws that address the $150 billion market for dollar-denominated stabilizecoins.
Stablecoin legislation is important in many other countries. Singapore, the United Kingdom, as well as other countries within the European Union, have all adopted some form of stablecoin law. Sens. Lummis and Gillibrand in April was the latest attempt at clarity for stablecoins — and with the movement of FIT21, there is still hope that we can get a well-shaped bill across the finish line.
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