Here is the English translation of the text, with the specified terms retained: The U.S. Senate Banking Committee is set to vote on a Stablecoin regulatory bill, which has the support of President Trump, accelerating the progress of the legislation. Stablecoins are seen as a key technology that could disrupt traditional payment systems, but have also raised concerns among regulators.

The Senate Banking Committee is set to vote, with the Republicans accelerating the push

According to Bloomberg, the Senate Banking Committee is expected to vote on the bill on Thursday (3/14) Eastern Time. The bill is led by Senator Tim Scott and has been revised after consultations with the industry. Scott emphasized that the legislation will protect consumers and enhance financial inclusion. Democratic Senator Kirsten Gillibrand from New York stated that the revised version has made significant progress in areas such as risk management, bankruptcy handling, and transparency. However, the Democratic leader of the Senate Banking Committee, Elizabeth Warren, criticized the bill for failing to effectively protect consumers, maintain financial stability, and potentially impact national security. Warren's team's analysis indicates that Elon Musk and the Trump team could exploit loopholes in the bill to issue their own Stablecoins, blurring the lines between banking and commerce, and introducing regulatory risks.

Trump supports Stablecoin regulation, emphasizing its role in maintaining the dollar's dominance

The Stablecoin regulatory bill has recently gained attention, closely related to Trump's stance. Trump publicly supported providing a regulatory framework for Stablecoins at the White House Cryptocurrency Summit, and Treasury Secretary Scott Bessent also emphasized that Stablecoins will help strengthen the dollar's position in the global financial market. Supporters argue that Stablecoins can provide faster and cheaper payment methods. However, opponents are concerned that without strong regulation, if the issuer goes bankrupt, consumers' funds could be lost, and it could even lead to government bailouts.

The House is also pushing a bill, but regulatory details remain controversial

In addition to the Senate proposal, the House Financial Services Committee is also pushing its own Stablecoin bill. The committee's chairman, French Hill, recently held a hearing, where several financial industry executives emphasized that U.S. dollar Stablecoins can reduce transaction costs for American consumers and businesses. However, Democratic Congresswoman Maxine Waters warned that the House Republican proposal does not establish sufficient safeguards, such as prohibiting entities like Musk's Twitter (X) or Meta from issuing their own Stablecoins. Waters directly accused Trump and Musk of undermining Stablecoin regulation efforts, claiming that Trump is profiting from his meme coin TRUMP and has built a multi-billion dollar Trump reserve in the crypto market, benefiting his MAGA allies. She stated that she hopes to reach a bipartisan consensus, but also emphasized that she will do her utmost to prevent Musk from entering the Stablecoin market.

The Stablecoin industry is developing rapidly, raising regulatory concerns

The Stablecoin market has grown rapidly in recent years, with billions of dollars in daily global trading volume. Fintech companies and banks are also joining in, launching their own digital currencies or considering issuing new Stablecoins.

According to data from ARK Invest, global Stablecoin trading volume is expected to surpass $15 trillion by 2024, indicating strong market demand. Currently, the two largest US dollar Stablecoin issuers, Tether and Circle, are already seeing daily trading volumes in the billions of dollars.

The industry is also optimistic about future development, with Paxos CEO Charles Cascarilla stating in a congressional hearing that "blockchain-based dollars can be transferred instantly, at almost zero cost, and can be used by anyone with an internet connection and a smartphone."

However, the traditional financial sector is concerned about competitive pressure, with some banks worried that Stablecoins may take away deposits and transaction fees, weakening their lending capacity and impacting economic growth. The American Bankers Association (ABA) has also warned that if Stablecoins face redemption risks, it could lead to asset selloffs, exchange rate decoupling, and trigger market panic.

Government Regulation or Private Issuance, the Tug-of-War Behind Stablecoin Legislation

The core dispute in the current congressional Stablecoin legislation is whether it should be regulated by the government or freely issued by private companies. Here are the positions of the two sides:

Government Supporters Favor Central Bank Digital Currency (CBDC)

1. A digital US dollar (CBDC) issued by the Federal Reserve is safer.
2. It prevents tech giants from abusing data and monopolizing the market, but may also impact the development of private companies and stifle innovation.

Private Supporters Favor Private Stablecoins

1. Improve financial inclusion by allowing more people to use Stablecoins.
2. Reduce traditional banks' transaction fees and commissions, but improper regulation could trigger a financial crisis.

Currently, pro-cryptocurrency members of Congress hope to ban the Federal Reserve from issuing a CBDC to protect the business models of private Stablecoin issuers, which has become a key point of negotiation in the legislation.

(Stablecoin Legislation Imminent: Which TradFi and Protocols Will Benefit? How Should Investors Position?)