Former President Donald Trump has significantly intensified his outreach to the cryptocurrency community, promising swift regulatory action if he returns to office. Trump recently stated that he hopes to sign a comprehensive crypto market structure bill ‘very soon,’ signaling a major policy pivot aimed at stabilizing the volatile digital asset sector and appealing to the burgeoning crypto voter bloc. This commitment is viewed as direct counterprogramming to the current administration’s perceived reluctance towards establishing clear regulations.
The anticipated legislation is expected to build upon frameworks like the House-passed Financial Innovation and Technology for the 21st Century Act (FIT21), focusing primarily on drawing clear jurisdictional lines between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). This clarity is seen by industry advocates as crucial for fostering innovation and preventing capital flight.
However, Trump’s legislative urgency arrives amid increasing regulatory scrutiny concerning stablecoin rewards. Global financial watchdogs and the SEC are actively examining yield-generating stablecoin protocols, often characterizing the interest paid to holders as potentially unregistered securities offerings. These tensions add pressure on lawmakers to not only define digital asset classes but also to establish consumer protection safeguards for yield-bearing products. By prioritizing a rapid legislative fix, the former President aims to provide a competitive advantage to the US market while simultaneously addressing complex issues surrounding DeFi and high-yield stablecoin products.
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