PANews reported on November 12 that according to The Block, the US blockchain advocacy organization The Digital Chamber called on Congress to "take immediate action" to pass stablecoin legislation to meet the growing demand for use. In the report "How Stablecoins Continue the Dominance of the US Dollar" released on Tuesday, the organization emphasized the application of stablecoins in cross-border payments and savings, and urged legislation to move forward quickly.
The Digital Chamber is expected to meet with the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and leaders of the House Financial Services Committee and the Senate Banking Committee this week. Cody Carbone, president of the Digital Chamber, said he hopes the report will lead to legislation, noting that countries such as China and Russia are actively promoting the development of stablecoins.
The report pointed out that more than 98% of the world's circulating stablecoins are pegged to the US dollar, and put forward a number of policy recommendations, including allowing banks and non-bank institutions to issue stablecoins, ensuring 1:1 asset support, and not treating stablecoins as securities. Carbone expects that stablecoin legislation is expected to be submitted to President-elect Trump for signature in 2025, and pointed out that the renewal of the tax reform bill and budget coordination may lead to delays in legislation, but it is expected to be completed by the second quarter of 2025 at the latest.
