MPs in the US have passed the country’s first major National Cryptocurrency Act.
It is once a major milestone for the fringe industry, which has been advocating the Congress on regulation for years and put millions of people in last year’s election, including Donald Trump.
The bill establishes a regulatory rule for the so -called stabechoin, a type of cryptocurrency that is supported by assets seen as reliable, such as dollars.
Trump is expected to sign the law in the law on Friday, the House joined the Senate after passing the bill on Thursday, which approved the measure last month.
Known as the Genius Act, Bill is one of the three pieces of the Cryptocurrency Act, which is ahead in Washington supported by Bill Trump.
The President once removed Crypto as a scam, but his opinion moved as he won support from the sector and joined the industry as a businessman, with relations with firms such as the World Liberty Financial.
Supporters of the law say that its purpose is to provide clear rules for a growing industry, ensuring that the US coordination with progress in payment systems. The Crypto industry was emphasizing for such measures, it hopes that it could motivate more people to use digital currency and bring it more in the mainstream.
The provisions require an alternative cryptocurrency for stablecoins, the choice of bitcoins, which support one-for-one, or other low-risk assets for one by one with the US dollar. StableCoins are used by traders to move funds between various crypto tokens.
The use of these coins, which are seen as less volatile, have increased rapidly in recent years.
Critics argue that the bill will introduce new risks in the financial system, legalizing stabechoin without creating adequate protection for consumers.
For example, he said that it would deepen the participation of technical firms in bank -like activities, without similar monitoring, and customers would leave the customers hanging in a firm bankruptcy process in the event that a Stabelcoin firm should fail.
He also tried to rally against the bill by arguing that voting in favor was effectively condemning Trump’s business activities – including promoting his family’s own crypto coins.
But still it received significant support from Democrats, about half of which supported the bill, as well as most Republicans.
A coalition of consumer and advocacy groups wrote in a letter in this spring, “Some members can pass this bill, even better than the status quo, with flaws. We believe that it is a fundamental misconception of risks associated with these equipment.”
He warned that the route would “allow the spread of assets that would consider consumers to be safely safe”.
Analysts had expected that the Congress would pass all three bills earlier this week, but was delayed by unexpected hiccups.
Two other bills have passed the House and are going to the Senate, where Republicans hold a narrow majority. They will prevent the bill US Central Bank from installing a digital currency and set up a regulatory structure for other forms of Crypto.
Advance comes because Trump is reportedly working on the order of a president that may allow retirement accounts to invest in private assets, such as Crypto, Gold and Private Equity.
The price of bitcoin hit a new record this week, with $ 120,000 (£ 89,000) passed.
But Washington -based analysis firm Panzia Policy said Terry Hans said that he did not expect the other two bills, which are more important to go further.
“This is the end of Crypto’s victory for a long time – and only one,” he wrote. “When the easy part, StableCoin, takes ~ 4 to 5 years and barely survives industry scams, it is not too much crow.”