The 2024 US presidential race is heating up, and cryptocurrency policy is emerging as a major issue. With the Biden administration reportedly planning to participate in a crypto policy roundtable and former President Trump expressing support for keeping crypto companies in the US, former House Speaker Paul Ryan has now joined the debate.
one of June 13 Wall Street Journal article by Ryan — who served as the top Republican in the House under Presidents Obama and Trump before retiring in 2019, is urging lawmakers to consider creating an appropriate crypto regulatory framework:
A solid, predictable regulatory framework for stablecoins has bipartisan support in Congress and would help dramatically increase the use of the digital dollar at a critical time. In an election year, given all the ugly politics to come, we certainly need a win.
Ryan argued that Adoption of stable currencies This would make US debt more attractive in international markets and prevent potentially disastrous failed debt auctions. He wrote:
If other countries succeed in increasing the influence of their currencies while reducing Treasury debt, the US will have to find new ways to make the dollar more attractive. Dollar-backed stablecoins are one answer.
There is competition for the dollar
Ryan also said that China has already adopted digital currency technology through its e-yuan. hsbc China has become the first foreign bank to offer e-yuan banking services. Ryan emphasized that the US should not sit idly by, as China and Saudi Arabia, traditionally large buyers of US debt, are exploring options outside the dollar system:
Promoting dollar-backed stablecoins would be a well-trodden path and offer clear benefits in the near term. There would be an immediate, durable increase in demand for US debt, which would reduce the risk of failed debt auctions and an attendant crisis. Unlike China’s digital financial infrastructure, dollar-backed stablecoins issued on public, permissionless blockchains come with deep American values of freedom and openness.
The former chairman called for a bipartisan effort in Congress to create a regulatory framework for stablecoins, suggesting it could be a unifying issue in an election year that is likely to be marked by divisive politics. He concluded:
In an election year, with all the ugly politics to come, we certainly need a win.
As the 2024 election approaches, it is clear that cryptocurrency policy will be a key issue of debate and a potential area for legislative action. With influential figures like Paul Ryan on board, the stage is set for stablecoins and digital currency to play a central role in political and economic discourse.
As ReadWrite recently reported, presidential candidate Donald Trump has consistently Ever-growing crypto support promised during his campaign. Biden, on the other hand, reportedly Considering accepting crypto campaign donations after the recent decision Bipartisan effort to repeal pro-crypto bill SAB 121 rejected.
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