In the US, a new regulation is being discussed, which is expected to be an important milestone for crypto asset markets. Tether’s Crypto Token USDT, which is one -to -one -to -one -oriented US dollars, is in the global leader with its $ 155 billion supply. However, the current US Stablecoin Innovations Directive (GENIUS ACT), which is being discussed in the US Senate and directly concerning the stablecoin market, will significantly increase the compliance rules for companies such as Tether.
Crypto Monetary Law Approved
If the legal regulation enters into force, companies wishing to offer stablecoin to US users will need to be subject to foreign financial regulation standards recognized by local or USA. In addition, these companies are expected to enroll in authorized institutions in the United States and keep reserves to meet customer demands in a financial institution in the USA.
The new rules to be applied require that the reserves of the companies should be kept completely in cash, government bonds and similar liquid assets and to be implemented monthly independently. In addition, the top executives of the company will have legal responsibility for the statements submitted. In this context, in terms of the fight against money laundering, the regulations applied to all financial institutions operating in the US will be subject to. The law just passed through the Senate with strong support. However, since there is a different law in the House of Representatives on the same subject, these two should be united, finalized and final voting. Trump wanted to sign the law until August.
Tether’s approach to the US market
According to many experts, Tether seems to be difficult to fully adapt to the new US rules. While the company turns to countries where arrangements such as El Salvador are lighter, it has not announced a clear decision on whether to maintain its activities in the USA.
Steve Gannon said: “If I am Tether, I would not rush to enter the US market without clarifying what the regulations will be. To comply with these regulations, it may require great time, labor, human resources and technological investments.”
In the new bill, the US Treasury Minister has a wide discretionary authority to approve other country regulations. This may allow a mutual agreement between El Salvador and the United States and enable Tether to enter the US with special exceptions.
Corey Frayer: “Although it may seem difficult for El Salvador to create a developed and safe regulatory structure as the US, the existing regulators may still allow according to the principle of equivalence.”
The USDC Token, the US -based Circle company, wants to benefit from Tether’s market share and get a share of growth that may occur after regulation in the USA.
Other major technology companies in the crypto sector can enter the Stablecoin market after the legal framework becomes clear. The bill does not recommend that all stablecoins are defined as securities or commodities.
Elizabeth Warren: “Genius Act does not address the basic national security risks while expanding the Stablecoin market. In addition, foreign exporters such as Tether leave the open door to entering the US market.”
Tether informed its users that the organization and its affiliated companies may be exposed to various sanctions if they could not adapt to the changing regulatory environment in their updates in recent months.
Since the legal process has not yet been completed, its final rules and its impact on the market remain uncertain. The US House of Representatives may make changes to the law.
The US Stablecoin market may enter a significant process of change in the coming period. Although an egalitarian and transparent competitive environment is tried to be provided for foreign and US exporters with the new law proposal, some critics state that the deficiencies of the bill and the gaps that may arise in practice constitute a risk. Market actors expect to be clarified of regulatory uncertainties and potential financial effects. The most important issue for US users will be the conditions under which domestic and foreign stablecoin providers will be on the market and the degree of consumer protection.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
