In the 2024 elections, the crypto industry has made substantial campaign contributions to encourage pro-crypto legislation, yielding significant results as Congress moves to regulate stablecoins. Stablecoins are cryptocurrencies pegged to the U.S. dollar, enhancing transaction reliability for users globally. Their market cap surged from $152 billion to $235 billion, showcasing their rising popularity. Bipartisan support facilitates advancing bills in Congress, with key political figures acknowledging stablecoins' role in preserving the dollar's global status. Legislative actions on stablecoins could reflect broader acceptance of cryptocurrencies in finance.
During the 2024 elections, the crypto industry spent an unprecedented amount of money on campaign donations in the hopes of encouraging Congress to pass pro-crypto legislation.
Stablecoin usage is growing enormously: its total market cap is around $235 billion, up from $152 billion just a year ago.
Stablecoins are somewhat like bank deposits. Typically, a consumer who wants a stablecoin gives a dollar to an issuing company, who mints a stablecoin on a blockchain.
In the U.S., stablecoin supporters come from across the political spectrum. On the right, political leaders like House Majority Whip Tom Emmer argue that stablecoins help maintain the dollar's status as the world's reserve currency.
Collection
[
|
...
]