In the United States, the STABLE Act, which regulates digital payment systems indexed to the USD, was approved by the Financial Services Committee with a vote of 32 to 17. After 13 hours of intense discussions, this law will provide a clear legal framework for the cryptocurrency market in the country. This new regulation aims to modernize payment systems and enhance consumer safety.
Clear Regulations for the Cryptocurrency Market Are Coming
The long-debated STABLE Act in the US aims to eliminate uncertainty surrounding USD-indexed digital payment systems. Following extensive discussions led by Representative French Hill and subcommittee Chairman Bryan Steil, the agreement offers more transparent and understandable rules for market participants. As a result, companies will have clearer operational frameworks, and measures to protect consumer rights will be strengthened. The new regulation is also expected to lower the costs of digital payment systems while increasing transaction speeds. Particularly, transactions involving USD-pegged cryptocurrencies are anticipated to become more economical and accessible. Thus, the US aims to maintain its global leadership in the cryptocurrency market.
US Dollar’s Global Role Will Be Supported
With the approval of the STABLE Act, the US administration clearly acknowledges digital payment systems as a crucial part of the financial system. Representative Dan Meuser stated that the new law will support the USD’s status as the world’s reserve currency and help popularize digital financial transactions. This situation will strengthen the international position of the US dollar and enhance the country’s economic influence. Moreover, the law is expected to enhance transparency and oversight mechanisms. There will be stricter controls, particularly to prevent fraud and illegal activities. This will solidify the trust within the sector, allowing consumers to benefit from a safer digital financial ecosystem.
