According to a report by JPMorgan, private digital currencies, especially stablecoins, may face serious difficulties in the USA. A new bill, which the president may sign before the elections, aims to tighten control over companies issuing tokens pegged to fiat money.
The new regulatory framework will oblige commercial banks to refuse processing transactions not only with stablecoins but also with digital currencies of other central banks. This could significantly hinder the use and spread of stablecoins.
Crypto Industry Calls for Legalization of Blockchain Sector
In early 2024, discussions around cryptocurrency regulation intensified in the USA. Representatives of businesses focused on the digital currency market are urging Congress and the White House to accelerate the legalization of the blockchain sector and create favorable conditions for the industry’s development.
Brian Armstrong, CEO of the cryptocurrency exchange Coinbase, stated that without the introduction of comfortable legislation, crypto companies would be forced to move their operations to other jurisdictions with more favorable conditions for business development.
According to JPMorgan analysts, in the event of increased control, the companies Tether and Circle, issuers of the popular stablecoins USDT and USDC, will experience the greatest pressure.
Stablecoin Market at Its Peak
The capitalization of stablecoins has reached a two-year high of $161 billion. USDT holds a dominant position in the dollar token market with a share of about 70%, according to data from the company CCData.
The new bill could significantly impact the future of stablecoins and the crypto industry as a whole in the USA. Market participants are awaiting decisions from the authorities that will determine the further development path of digital currencies in the country.
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