Basri Caneri 
French Hill, Chairman of the US House of Representatives Financial Services Committee, and Congressman Bryan Steil have introduced a draft bill that aims to establish a regulatory framework for dollar-backed stablecoin. The draft would set clear rules for stablecoin issuers and require the US Treasury Department to conduct a comprehensive study on stablecoins.
New Regulation Will Shape the Stablecoin Market
According to the draft, it is planned to ban stablecoins collateralized by self-issued digital assets for two years. Thus, only stablecoins backed by traditional assets will be allowed in the market.
French Hill stated that the bill was prepared to “create a dollar-backed stablecoin for the American people “. Emphasizing that they are working in cooperation with the Trump administration, Hill stated that the regulation will increase the global power of the US dollar.
Trump Administration Supports Stablecoins
President Donald Trump’s crypto advisor David Sacks argued that stablecoins could strengthen the US dollar’s international leadership and increase its influence in the global financial system.
The move is seen as part of a process to clarify the US regulatory framework on crypto assets. Senate Banking Committee Chairman Tim Scott stated that the new regulations will both support financial innovation and preserve the reserve currency status of the US dollar.
The Stablecoin Act and Future Prospects
The GENIUS Act, introduced in the US Senate last week, aims to regulate the stablecoin market. Senator Bill Hagerty stated that the regulation coincides with the vision of making the US a crypto hub and will encourage innovation in the financial sector.
These developments show that the Trump administration sees stablecoins as a tool for the US dollar to maintain its leadership in the digital age. Going forward, the US government is expected to impose more comprehensive regulations on stablecoin issuers.
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