US Set for Stablecoin Rules in 2024 Amid Industry Shake-Up
Executives in the cryptocurrency industry express confidence that the United States will introduce stablecoin regulations this year.
The regulatory landscape in the country seems to have softened, especially after the recent approval of spot crypto exchange-traded funds.
During an interview at the World Economic Forum in Davos on January 15, Circle CEO Jeremy Allaire mentioned a high likelihood of stablecoin regulations being enacted in the US in 2024. Allaire highlighted the global trend of expanding regulatory efforts and indicated that the US is likely to align with these developments.
He emphasized a shared desire for regulatory action from the administration, Treasury, Federal Reserve, and both chambers of Congress, transcending partisan lines. Allaire underscored the need for asserting US leadership and implementing effective consumer protections in the cryptocurrency space.
Despite the Clarity for Payment Stablecoins Act being approved by the House Financial Services Committee in 2023, it awaits approval by the House of Representatives. The act aims to subject stablecoins to the same regulatory frameworks as traditional finance.
READ MORE: DeFi Visionary Reveals Hot Picks Among Altcoins
Dante Disparte, Circle’s Chief Strategy Officer, expressed optimism regarding the possibility of stablecoin policy development early in the new year. However, Circle has faced challenges, experiencing a 42% decline in market share for its USDC stablecoin over the past year.
In contrast, Tether, a prominent industry player, continues to thrive, reaching a record supply of 95 billion USDT on January 16, commanding a substantial 73% market share, while Circle’s share has diminished to 19%.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
