Crypto market gets major win as US Congress passes stablecoin bill
Washington – The US Congress delivered a watershed victory for the crypto industry on July 17, passing the first federal legislation to regulate stablecoins and clearing the way for broader use of the technology in everyday finance.
Backed by Republicans and championed by President Donald Trump, the bill imposes federal or state oversight on US dollar-linked tokens that can move around the clock and across platforms.
Supporters say it could unlock faster, cheaper forms of payments – and bring legitimacy to a US$265 billion (S$340 billion) market that Citigroup analysts expect could swell to US$3.7 trillion by 2030.
The measure, which passed the House 308-122 with broad bipartisan support after clearing the Senate, is now on track to…
