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The US Government is working on a new cryptoregulation.
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Coinbase CEO believes that President Trump’s actions were historic.
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Crypto attorneys think Trump’s crypto regulations efforts are steps in right direction.
Under President Donald Trump’s leadership, the US government has been working to establish clear regulations for crypto industry.
Trump announced at a meeting with executives from the crypto industry on Friday that he had asked Congress to pass crypto-legislation before the August recess.
White House Summit Brings Regulatory Clarity to the Industry
Brian Armstrong, CEO of Coinbase, considers this development to be historic. He highlights two key achievements of the recent summit held at the White House, namely the clarification of regulatory issues and the establishment in the US of a Strategic Bitcoin Reserve. Armstrong said that the new development will translate to economic growth in the United States. His company will hire around 1,000 employees as a result of the renewed growth.
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John Deaton, a renowned crypto lawyer, noted that the US cryptocurrency industry is about enter a new age based on the summit’s outcomes. Deaton’s latest post on X highlighted that the US is planning to introduce stablecoin legislation in a regulatory restructuring which will bring significant changes to the crypto industry.
Stablecoins and Exchanges, Taxes and other Reforms are on the Horizon
Deaton stated that the US Government will introduce a new structure for the market to replace the 1930 statutes, and 1946 case laws as they relate to modern blockchain and AI technology. A centralized exchange would also be in place to prevent the commingling or mixing of funds. This would protect users of centralized exchanges in the event of bankruptcy.
Deaton believes that the new regulatory structure will include a tax reform for the crypto-industry and also deliver a rule reform for accredited investors. The famous crypto lawyer believes that the latest move made by Trump is a positive step for the crypto industry.
Banks Give the Green Light to Stablecoin and Blockchain Use
Jeremy Hogan, another renowned crypto attorney, highlighted the latest steps taken by the authorities. The US Office of the Comptroller issued an interpretive letter that explicitly allows banks to use distributed ledgers, stablecoins, and other banking activities.
Related:27 US States introduce Bitcoin and Crypto Bills amid growing institutional interest
A section of the letter states that a bank can validate, store and record payment transactions as a node in an INVN. A bank can also use INVNs, stablecoins, and other payment methods to facilitate other acceptable payment activities.
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