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Circle VP: U.S. May Lag Behind the World in Stablecoin Regulation

Circle VP: U.S. May Lag Behind the World in Stablecoin Regulation

Bitget2024/09/05 07:12

The U.S. may be lagging behind other major regions around the world in stablecoin regulation at the federal level, Circle Vice President Yam Ki Chan said at Korean Blockchain Week, Decrypt reports.

Compared to the EU MiCA rules and Hong Kong's stablecoin framework, the U.S. has yet to establish a unified regulatory approach at the national level. Currently, U.S. states continue to regulate stablecoins primarily based on existing money transmission laws, leading to regulatory fragmentation. While the Payment Stablecoin Clarity Act of 2023 has passed through a House committee, it is still subject to further legislative processes.Chan emphasized the need to upgrade the regulatory framework in the U.S. and believes that the upcoming election could be an opportunity to reshape the cryptocurrency policy discussion.

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