Mantle (mnt) 
Stablecoins regulations introduced across the European Union have prompted questions about the U.S. plans for fiat-pegged tokens. Shifting political conditions in the U.S. have spurred more crypto-friendly regulatory efforts. However, a bill approved by Congress and the White House remains an ongoing endeavor.
“I am afraid crypto regulations will be pushed down the agenda towards 2025,”
Fideum CEO and co-founder Anastasija Plotnikova shared her concerns in an interview. Plotnikova predicted the U.S. is on course for comprehensive stablecoin regulations regardless of who wins the elections unless “half-baked legislations” are rushed through in the coming weeks.
Stabolut founder Eneko Knörr thinks legislation will depend heavily on the outcome of the upcoming presidential election and subsequent policy decisions. According to Knörr, the U.S. could “either embrace the crypto revolution or risk falling behind the global competition.”
Knörr also drew parallels between Donald Trump’s pro-crypto stance and Joe Biden’s more cautious position. Regardless of who is elected, Stabolut’s founder said the next U.S. President will likely reshape the industry’s future within America’s borders and, perhaps, offshore as well.
Impact of MiCA on U.S. Regulations
On June 30, stablecoin provisions enshrined in the European Union’s Markets in Crypto Assets Regulation (MiCA) took effect across the 27-member bloc. Circle received the first license under this regime, paving the way for compliant fiat-denominated crypto payment rails in the region.
While Europe is the first major bloc to implement a comprehensive digital asset framework, the development has thrown more spotlight on the world’s largest capital market.
“The US is in a significantly better position to draft the bill without a need to reach consensus among 27 Member States, each having different interests and political alignments. We can anticipate fierce debates on the bill’s scope and requirements for the issuers of stablecoins,”
Plotnikova said.
Both Plotnikova and Knörr agreed that MiCA’s stablecoin policies are not ideal. The latter proposed that the U.S. adopt a different approach to balance robust oversight and innovation.
“However, history has shown us otherwise—a country that overregulates stifles innovation and drives talent and investment elsewhere.”
Stablecoin Regulations in the U.S.
Stablecoin regulations remain a major topic of discussion among lawmakers and private financial stakeholders alike. Congress members like Maxine Waters, Patrick McHenry, and French Hill have engaged in talks to reach a consensus on rules.
Former House Speaker Paul Ryan opined that passing stablecoin regulations could offer an escape from escalating U.S. debt concerns by boosting demand for Treasury Bills. Plotnikova surmised that “the U.S. debt crisis has surpassed the point where private entities can simply solve it.” Debt levels have surpassed $34 trillion as of writing.
Conversely, Knörr noted that “increasing purchase of T-Bills could be highly beneficial for the US,” even if it doesn’t completely solve the debt issue.
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