- The US government is working to achieve a new crypto regulation.
- Coinbase’s CEO thinks that President Trump’s actions are historic.
- Crypto lawyers think Trump’s crypto regulation efforts are steps in the right direction.
Under President Donald Trump, the US government is working toward establishing clear regulations for the crypto industry.
At a Friday meeting with crypto industry executives at the White House, Trump announced that he has asked Congress to pass crypto legislation before the August recess.
White House Summit Sparks Regulatory Clarity – Industry Reacts
Coinbase CEO Brian Armstrong considers the development historic. He cites two key achievements from the recent summit at the White House: clearer regulatory clarity and the establishment of a Strategic Bitcoin Reserve in the US. Armstrong noted that the development translates to economic growth in the United States, and his company will hire about 1,000 employees due to the renewed growth.
Related: US Congress Targets Crypto Bill by 2025: Pro-Crypto Senator Cynthia Lummis Drives Senate Agenda
Based on the summit’s outcome, renowned crypto lawyer John Deaton noted that the US crypto industry is about to enter a new era. In his latest post on X, Deaton highlighted that the US plans to establish stablecoin legislation as part of a regulatory restructuring that will introduce significant changes in the crypto industry.
Landmark Reforms on the Horizon: Stablecoins, Exchanges, Taxes
In the meantime, Deaton noted that the US government will introduce a new market structure to replace the 1930 statutes and 1946 case law as they apply to modern blockchain and AI technologies. Furthermore, there would be centralized exchange oversight, preventing the commingling of customer funds. That would protect centralized exchange users in case of bankruptcy.
Deaton expects the new regulatory structure to include a tax policy reform for the crypto industry and also deliver an accredited investor rule reform. Overall, the famous crypto lawyer thinks the latest move by Trump is a step in the right direction for the crypto industry in America.
Banks Get Green Light for Stablecoin & Blockchain Use
Highlighting the latest steps by the authorities, another renowned crypto lawyer, Jeremy Hogan, noted that the US Office of the Comptroller released an interpretive letter explicitly allowing banks to use distributed ledgers and stablecoins for banking activities.
Related: 27 US States Introduce Bitcoin and Crypto Bills Amid Growing Institutional Interest
According to a section of the letter, a bank may validate, store, and record payment transactions by serving as a node on an INVN. Likewise, a bank may use INVNs and related stablecoins to facilitate other permissible payment activities.
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