Crypto Markets Structure, Stablecoin Bills Will Pass Within Trump’s First 100 Days: Senator Scott

White House AI and Crypto Czar David Sacks held his first crypto-oriented press conference on Tuesday, in which the legislative priorities are set out and the first major crosses of the Trump administration teased in regulating the new industry: a structure of the markets and an extensive stabilecoin account.

During the event, with important leadership of the senate and the house, Senate Banking Committee chairman Tim Scott (R-SC) said that he intends to both be important crypto accounts at the end of the first 100 days of President Donald Trump vote in the Senate in the Senate. Office – A Deadline less than three months away from today.

Scott added that a Stablecoin bill was introduced by Senator Bill Hagery (R-TN) on Tuesday, will probably first move forward.

That bill, called the genius law, would create a path to concrete legality for issuing institutions of Stablecoins supported by the US dollar. Stablecoins, with which crypto users can park funds in steady on-chain tokens that are bound to assets such as the US dollar, have risen dominance As a critical tool that links the always intertwined worlds of traditional finances and digital assets.

In addition to other requirements, the Genius Act would oblige the expenditure of Stablecoin to send monthly controlled reports on the health of the Fiat reserves that support their products and punish each company that falsely reports on their reserves with criminal charges, according to a concept of the account of the bill by Decrypt.

During Tuesday’s press conference, Republican President of the House Financial Services Committee, Senate Bank Committee, the Huis Agriculture Committee and the Senaat Council Committee also announced plans to form an extensive bicameral working group that will coordinate on crypto legislation in Lockstep with Bagen and De Witte De Witte House and the White House and the White House will.

“Financial assets are destined to become digital, just as every analogue industry has become digital,” said Sacks. “And we want that value creation to take place in the United States.”

On Tuesday asked for FIT21, structures a crypto markets account passed The house last year with dual support, Huis Financial Services Chairman French Hill (R-AR) said that the bill ‘had the basis’, but that a new Market Structure Act that was introduced in the coming months could include ‘some modest changes’.

Decrypt Previously reported that, in the light of his radical political victories in November, the crypto lobby seems to be the intention ditch Fit21 In favor of legislation even more favorable for the industry.

During Tuesday’s crypto-oriented press conference, Sacks was also confronted with questions about a federal crypto reserve, which is currently be thought Through the White House. On Monday, Trump signed an executive order that ordered the establishment of an American sovereign wealth fund, that Drowned up excitement Under crypto circles that received the narrow ties between others supported by the state and digital assets such as Bitcoin.

However, Sacks clarified that although he and his crypto working group will soon investigate the merits of a strategic reserve of crypto, the announced sovereign wealth fund of Trump is “a bit separate” from those considerations.

Published by Andrew Hayward