At the Digital Asset Summit held on March 18, U.S. California Democratic Congressman Ro Khanna publicly called on Congress to complete the dual goals of the stablecoin regulatory framework and crypto market structure legislation within this year. He emphasized that stablecoins, as one of the fastest growing use cases in the field of cryptocurrency, are not only an important tool for the internationalization of the US dollar, but also a strategic tool for the United States to expand its global financial influence. At present, a number of stablecoin proposals, including the “GENIUS Act”, have been promoted in the Senate and the House of Representatives. Khanna revealed that 70 to 80 Democratic members have realized the urgency of stablecoin legislation to consolidate the status of the US dollar.
Khanna also mentioned the “21st Century Financial Innovation and Technology Act” (FIT21) jointly promoted with former Republican Congressman Patrick McHenry, calling it the cornerstone of crypto market structure legislation. Although details still need to be adjusted, he believes that the establishment of a basic framework will end the regulatory ambiguity that the industry has long faced. It is worth noting that executives of several crypto institutions have previously stated that if the United States can clarify the compliance path of digital assets such as stablecoins, their strategic value may even surpass the positioning of Bitcoin as a reserve asset.
However, Connor sharply criticized the “Official Trump Coin” (TRUMP) launched by former President Trump, saying bluntly that “no public official should be involved in meme coins.” He believes that such speculative tokens not only distract the public from the core technology of blockchain, but also weaken the credibility of the industry. “We must prove to the public that the value of the underlying technology of cryptocurrency far exceeds short-term speculation,” Connor emphasized at the summit. This statement coincides with the concerns of California Congressman Maxine Waters, who once warned that the Trump family’s involvement in crypto assets may cause conflicts of interest and even national security risks.
At present, the game around stablecoin legislation is still ongoing. Some traditional financial institutions are trying to obstruct the passage of the bill, fearing that stablecoins will erode their market share; while the other camp is accelerating the legislative process, such as the new bill proposed by California Congressman Sam Liccardo, which explicitly prohibits the president, members of Congress and their relatives from issuing or promoting crypto assets. Analysts pointed out that as the election year approaches, whether stablecoin regulation can overcome political differences and be implemented will become a key yardstick for testing the direction of US crypto policy.
