Crypto Rules on the Move: What You Need to Know

Key Details

• Date: Thursday
• Vote: 308 to 122
• Type of Law: First-of-its-kind stablecoin regulation

What Are Stablecoins?

• Definition: A type of cryptocurrency
• Key Feature: Value tied to stable assets (e.g., US dollar)
• Benefit: Less volatile than other cryptocurrencies

Law's Objectives

• Regulation: Ensures compliance with US anti-money laundering and sanctions laws
• Impact: Aims to control stablecoin operations in the US

Path to Passage

• Initial Block: Republicans led by Rep. Marjorie Taylor Greene initially opposed the law, demanding a ban on central bank digital currency
• Resolution: After negotiations with President Trump and House leaders, the opposition was lifted
• Vote Duration: Over 9 hours

Next Steps

• President's Role: The law now goes to President Trump for signing
• Trump's Stance: Supports the law, aiming to position the US as a leader in digital assets
• Criticism: Some Democrats, like Sen. Elizabeth Warren, argue the law lacks sufficient consumer and national security protections

Legislative Journey

• Senate Approval: Passed in June with bipartisan support
• Final Decision: Awaits President Trump's signature to become official