Source: Cointelegraph Original: "{title}"
The CEO of the Blockchain Association, Kristin Smith, stated at the 2025 Blockworks Digital Assets Summit in New York that U.S. lawmakers are expected to pass legislation to establish rules for stablecoins and the cryptocurrency market structure as early as August.
Smith's timeline aligns with a similar prediction made by Bo Hines, the executive director of the President's Digital Asset Advisory Committee. Hines stated on March 18 that he expects to see comprehensive stablecoin legislation introduced in the coming months.
"I think we are close to completing this legislation before August… They are currently doing a lot of work behind the scenes for this," Smith said on March 19 at the summit, which Cointelegraph attended.
She added, "When you see the chairs of the relevant committees in the House and Senate, as well as the White House wanting to take action, and there are bipartisan support votes in Congress to push this forward, I am optimistic about it."
On March 7, U.S. President Trump sat next to Treasury Secretary Scott Bessent at the White House Cryptocurrency Summit. Source: AP
Bipartisan Support
At the Digital Assets Summit on March 18, Democratic Congressman Ro Khanna expressed his belief that Congress "should be able to pass" stablecoin legislation and cryptocurrency market structure legislation by 2025.
According to Khanna, about 70 to 80 Democrats believe that stablecoin legislation is crucial for enhancing U.S. influence by expanding the global use of the dollar.
"This is actually the first time we have a chance to accomplish something like this, but to do so, you need at least 7 Democratic support votes in the Senate," Smith said, adding, "We already have 5 support votes at the committee level."
Last week, the Senate Banking Committee approved the American Stablecoin Guidance and Establishment of National Innovation Act (GENIUS Act).
This proposed legislation sets collateral standards for stablecoin issuers and requires them to comply with anti-money laundering (AML) laws.
In 2024, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21), which established basic rules for the cryptocurrency market structure.
This bill still needs to pass in the Senate to become law.
Executives in the cryptocurrency industry have stated that clarity in U.S. regulation would benefit the industry more than establishing a strategic Bitcoin reserve.
On March 6, U.S. President Trump signed an executive order creating a U.S. strategic Bitcoin reserve and digital asset reserve, fulfilling a promise made during his 2024 campaign.
"The market is looking for an innovation roadmap, as well as clear guidelines on stablecoins, institutional adoption, and taxation," said Max Giammario, CEO of Web3 AI startup Kindred, in March to Cointelegraph.
Related: Congressman Khanna: Legislation related to stablecoins and market structure should be approved this year.
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