The prices of bitcoin and cryptography have whipped this week as traders panic that Donald Trump’s pricing war could trigger a “crisis scenario” of the Bitcoin Prize.
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The Bitcoin Prize has outrained the actions, the US Treasury Secretary, Scott Bessent, has issued surprise approval.
Now, while the director general of Blackrock issues a warning of nearly 1 dollars to the US dollars, Wall Street banks look at the cannon of a bitcoin and crypto “existential” crisis while Trump pushes new radical legislation.
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“This is an existential threat to the banking sector, as well as the wholesale financial system”, Arthur Wilmarth, professor emeritus of law at George Washington University, said ReutersAdding that taxpayers could finally be on the hook.
The Congress rushes to adopt new major legislation of cryptography in the form of a stable bill which could see the interests paid to people who hold the cryptocurrencies caught in dollars, with Bo Hines, who heads the Council of Trump advisers on digital assets, affirming last month that the White House wanted a bill on the stable.
A bill on the differences which currently headed for the floor of the Chamber prohibits stable issuers from paying interest to holders while a twin bill in the Senate excludes interest on certain types of stablescoins but not prohibiting them.
If it is authorized, the Stablecoin accounts higher than the average could see people keep their money away from the insured bank accounts, opening them to risk if these cryptographic companies failed.
“The Stablecoins emerge as the first real case of the use of blockchain to be fully integrated into traditional finance, and we are sitting at the first steps of this transformation,” said Hina Sattar Joshi, sales manager of digital assets at ICAP TP, in the comments sent by email.
“The strong global momentum in stablecoins is likely to attract institutional interest in a digital asset which has a long -term growth potential while acting as a credible bridge between traditional assets and crypto.”
As Stable’s two bills are brought together by Congress in the coming weeks, legislators will have to choose – potentially deciding whether stablecoins will become the de facto account tool for banks and cryptographic companies or if they will remain a slideshow.
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The Bitcoin price has dropped in recent weeks, but has surpassed the “crushing” stock market.
“The government should not put its thumb on the scale for the benefit of one industry compared to another,” said Brian Armstrong, Coinbase Managing Director, Brian Armstrong poster to X earlier this week. “Banks and cryptographic companies should both be authorized and encouraged to share interest with consumers.”
The Stablescoin market, led by $ 144 billion USDT from Tether, has increased rapidly in recent years, with financial technology companies and Wall Street giants, from Paypal to Bank of America rushing to launch their own stablescoins, seduced by the $ 13 billion in printed profits in 2024 as a result of the Bitcoin, US treasurer obligations and other computer financial instruments for the return.
“It is quite clear that there will be a stablecoin,” said Brian Moynihan, Managing Director of the Bank of America, in an interview with Club Economic reported by DL News. “If they make this legal, we will enter this company.”
