The U.S. government has changed its previously hands-off approach to cryptocurrencies, culminating in Congress passing significant legislation. The House approved the first major crypto law, coinciding with a surge in market valuation to $4 trillion. President Trump signed the bill, which introduces regulations for stablecoins and promises further legislative action. One key bill, the CLARITY Act, would transfer oversight of cryptocurrencies to the Commodity Futures Trading Commission, causing concern among critics about regulatory standards. However, crypto advocates view this as a pivotal moment for financial innovation.
For years, the U.S. government has adopted a hands-off approach to cryptocurrencies, deeming them too dangerous for average Americans and too risky for the country's financial system.
In a historic vote in the House of Representatives earlier this week, Congress approved the country's first ever major crypto legislation, signaling a sea change in the U.S. stance towards these digital currencies.
Economic excitement surged as the overall market valuation of cryptocurrencies hit a record $4 trillion soon after the vote, reflecting the optimism across the sector.
The law sets new rules for a more narrow yet promising segment of the crypto market called stablecoins and sets the stage for more laws to come.
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