The Digital Chamber of Commerce praised Sen. Hagerty for leading the Senate version of the Payment Transparency Stablecoin Act.
This legislation provides the clarity needed for innovative USD-denominated tokens to grow in terms of security and predictability, benefiting innovators and consumers.
Chamber of Commerce praises Hagerty on stablecoin bill – stablecoin market reaches $173 billion
The Digital Chamber of Commerce praised Senator Hagerty for introducing the Senate version of the Payment Transparency Stablecoin Act. This law aims to clarify the regulations necessary for USD-denominated coins to grow safely and benefit innovators and consumers.
All of this is happening amidst a crackdown on cryptocurrency companies by the SEC. Just a few days ago, Crypto Com filed a lawsuit with the US Securities and Exchange Commission.
The main reason is the fact that the SEC has expanded its jurisdiction to classify most crypto asset transactions as securities, but has made exceptions for Bitcoin and Ethereum.
The market capitalization of the stablecoin market has reached $173.35 billion, but further development is hampered by lack of regulatory clarity.
The Digital Chamber of Commerce, a U.S. advocacy group, represents the interests of the blockchain, Bitcoin, digital currency, and digital asset industries.
The Crypto Council for Innovation, the world’s largest alliance dedicated to promoting innovation and inclusive regulation, also praised Hagerty’s move.
🚨Stablecoin banknotes fall.
CCI would appreciate @Senator HagertyToday’s announcement of this bill demonstrates the leadership of. CCI remains committed to maximizing responsible stablecoin innovation and ensuring U.S. leadership. https://t.co/tJldU6AN8q pic.twitter.com/QFLIgMBG3f
— Crypto Innovation Council (@crypto_council) October 10, 2024
This type of regulation was becoming an urgent need. Everyone from Fed Chair Jerome Powell to Treasury Secretary Janet Yellen asked Congress for clear guidelines. Delays in action can also be seen as impeding progress.
Sen. Hagerty’s bill represents the next step in that process and includes the regulatory clarity the market needs. According to Cody Carbone, Chairman of The Digital Chamber, further delays are no longer acceptable. It’s urgent now.
The proposal is quite different from a companion bill in the House introduced by House Financial Services Committee Chairman Patrick McHenry, but it shares important features. Both would allow state regulation of these coin issuers.
This necessary flexibility allows for greater innovation even as regulatory coherence and consumer protection progress. This makes it clear that issuers can operate under either a federal or state regulatory regime, allowing stablecoin growth within a sound regulatory framework.
Hagerty’s proposal sparks cryptocurrency debate and signals Republican policy
Hagerty’s proposal adds a new layer to the cryptocurrency debate that is likely to heat up after the November election. Hagerty’s efforts signify further momentum as House Republicans work to pass a plan and broader legislation to restructure the SEC and CFTC’s oversight of cryptocurrencies.
He serves on the Senate Banking Committee, where he has influence in shaping digital asset regulation. His bill will be one to watch in the future.
Additionally, the Hagerty bill could provide insight into what kind of stablecoin policies Republicans will prioritize during President Trump’s second term. The chances of victory have shifted in favor of the Republican presidential candidate. Many bettors on Polymarket favor the 78-year-old politician over Democrat Kamala Harris.
As a preliminary reading, it may be helpful to review some recent papers on the role of the SEC and CFTC regarding token regulation and digital assets. Digital Chamber’s Cryptocurrency Regulation Trends Report may be worth a read.
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Teuta
Teuta is a veteran writer and editor with over 15 years of experience in the macroeconomics, technology, cryptocurrency and blockchain industries. He started his career in 2005 as a lifestyle writer for Cosmopolitan magazine in Croatia and went on to cover business and economics for prestigious publications such as Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing that cryptocurrencies are one of humanity’s most important inventions. Her fintech efforts began in 2014 and focused on cryptocurrencies, blockchain, NFTs, and Web3. Known for his excellent teamwork and communication skills, Teuta holds a double master’s degree in political science and law, loves punk rock and Chablis, and has a passion for shoes.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
