Trump backs 'genius' stablecoin law 'threatened' by banks
Former US President Donald Trump has harshly criticized the actions of Congress, which is delaying the passage of a crypto market structure bill due to disagreements over stablecoin regulation.
According to Trump, the 'genius' stablecoin law proposed as part of a broader bill is under threat from banks lobbying their interests in Congress.
Trump noted that stablecoins pegged to fiat currencies could become a key element of the future financial system, providing cheaper, faster and more secure payment solutions. However, banks fear that more efficient stablecoins could undermine their dominant position.
Experts believe that Trump's stance could influence the course of the debate in Congress and accelerate the passage of the crypto market structure bill, including the section on stablecoin regulation. This, in turn, would create more defined rules for the industry and attract new institutional investors.