Digital currencies are heading towards achieving the largest political victory in its history

The cryptocurrency industry, which was besieged by scandals and doubts in Washington, is now close to achieving the largest political victory in its history..

On Thursday, the Senate Banking Committee approved the legislation of digital assets that would create an organizational structure for stable currencies, the first time that the Senate Committee has submitted a major legislation to digital currencies.

This step, which has enjoyed the support of the Republican and Democrat.

“All the basic work that we have developed during the past four years has started to pay it now. It is now working time,” said Senator Centuha Lomes, a Wyoming Republic, who was called the “Queen of encryption” in the Senate, which has been pushed for years to make friendly changes to the industry.

This new momentum explains the extent to which the digital asset industry overcomes the long -term fears about fraud and market fluctuations that hindered its endeavor to obtain legitimacy in Washington for most of its history. CEOs believe that legislation can help digital currencies, which are currently using only a small part of the United States, to become more prevalent.

The pro -currency transformation was partially driven by hundreds of millions of dollars in political spending from industry and its senior executives, who rained Washington with money in recent years through spending on major political action committees, pressure, public relations and strong marketing campaigns.

Kara Calvert, a former Senate assistant who holds the position of Vice President of US Policy in CoinbaseThe largest digital currency exchange in the United States: “Things are going slowly, and then all start at once.”

This industry has been rewarded with a series of steps taken by President Donald Trump and the organizers he chose himself, who have largely retracted the repression campaign that the industry faced during the era of President Joe Biden.

But the biggest pressure goals practiced by digital currency companies – legislation that will create light regulatory frameworks for digital assets – pass through the Capitol Hill. In recent weeks, legislators have taken their first main steps to strengthen the digital currency sector, with striking levels of support for the Republican and Democratic parties..

The action taken by the Senate Banking Committee this week will send a draft law that creates an organizational framework for stable currencies – or digital symbols associated with other assets such as the dollar – to the Senate with the support of the two parties.

Five Democratic members voted for the legislation led by the Republican Party, despite the strong opposition from the party leader in the Banking Committee, Senator Elizabeth Warren of Massachusetts.

This came in the wake of two major voters from the two parties in the House of Representatives and the elderly in favor of a decision that would cancel a list of Biden era that impose new requirements for tax reporting on some digital currency companies.

Lomis said that all of this meets together to create a “great moment” of digital currencies.

The goal for many digital asset companies and their supporters is a more intertwined financial system with digital assets and blockchain, which is the technology of the digital professor that supports digital currencies.

Calver said, from a platformCoinbase “I think it is really about integrating technology into the current financial infrastructure, in a way that occurs faster than we have seen before.”

But the critics, most of them left, are concerned about the pro -currency shift. Warren warned of the legislation of the stable currencies that her committee submitted on Thursday, saying that he lacks the necessary protection for consumers and anti -money laundering guarantees. She also warned that cryptocurrencies may pose a risk to financial stability if they become intertwined with the rest of the financial system, due to their fluctuations..

“I am concerned about the United States, the United States, in the stable currency bill that opens opportunities for drug and terrorist smugglers to evade every other part of the financial system,” she told reporters in the wake of the committee on Thursday.

The momentum of digital currencies also led to the emergence of broader concerns of legislators and some banking groups regarding the separation of banking and commercial services.

Warren has sparked fears related to combating competition and financial stability regarding the stable curriculum bills led by the Republican Party, which it says may open the door for major commercial and technical companies to enter financial services and benefit from their strength in a market to control another market. She said on Thursday that the legislation “Illon Musk gives the opportunity to issue his cash currency X His own, “referring to the recently announced billionaire plan to make its position on social media (X) a partner with Visa to enter financial services.

However, the level of support for early Congress movements in the field of digital currencies show the extent of legislators’ keenness to give the digital currency industry what they want. In addition to the legislation of stable currencies, pro -industry lawmakers are also preparing to proceed with a comprehensive reform of digital currencies that would divide the supervision of digital assets between the regulators.

Dante Despairi, chief strategy official and head of global politics at a company said CircleAnd it is a company that issues a digital currency linked to the value of the dollar and can benefit from the legislation of stable currencies: “It is a really important moment. There is a really great depth of attention, depth of understanding and depth of consensus in the industry. This is the basis for the status of the law.”