S&P Global Ratings has indicated that the introduction of a new stablecoin bill in the U.S. Senate could potentially decrease the dominance of Tether in the global stablecoin market. The bipartisan bill is expected to encourage banks to enter the stablecoin market, thereby increasing competition. This legislative move aims to provide necessary regulatory clarity and may also be a step towards the development of a central bank digital currency (CBDC). According to a report from S&P, this could boost the U.S. stablecoin landscape by incentivizing banks and other institutions to compete in the digital asset custody business. Rep. Maxine Waters, a key figure on the House Financial Services Committee, emphasized the urgency of passing the stablecoin bill soon. Meanwhile, the European Union has enacted new crypto regulations aimed at combating money laundering.
.@RepMaxineWaters, the top Democrat on the House Financial Services Committee, told Bloomberg, "We are on our way to getting a stablecoin bill in the short run.” By @amitoj. https://t.co/KvbPEpcKHY
📣 Latest News: EU enacts crypto regulations to combat money laundering #news #cryptonews #crypto #regulations
EU votes to ban anonymity for crypto and increase monitoring of users. The bill passed by the European Parliament will force crypto firms to collect more data on users and their transactions, enforce stronger monitoring of non-custodial wallets, and ban tools bolstering… https://t.co/4voWAOYHsk
S&P Global Report: New Legislation Could 'Boost' US #Stablecoin Landscape https://t.co/S0oajGCIIY
📣 Latest News: Banks could flood into stablecoins if new bill passes: S&P Global #news #cryptonews #crypto #stablecoins #regulations
According to an S&P report, a bipartisan stablecoin bill may give banks an advantage over other institutions and incentivize competition in the digital asset custody business https://t.co/KE2I9IAXsn
🇪🇺 Update: As expected (see tweet #18 of the thread below), the EU Parliament plenary passed the new AML package, including the AML Regulation with 479 votes in favour, 61 against, and 32 abstentions. The package will now be formally adopted by the Council of the EU as well and… https://t.co/BtubbC2u5A
According to S&P Global Ratings, the stablecoin bill introduced in the Senate would, "should encourage banks into the stablecoin market" but "may also reduce Tether’s dominance in the global stablecoin market". Necessary regulatory clarity or a step towards a CBDC? https://t.co/V9N8anoZ6H
Banks are in and Tether could fade if latest stablecoin bill passes: S&P Global https://t.co/jp4WtjMCn0
.@SPGlobalRatings says the dominance of @Tether_to's $USDT’s may wane following the introduction of proposed stablecoin regulation in the U.S. @willcanny99 reports https://t.co/a73WqzDsn3