The market is focusing on the possibility of passage of a US cryptocurrency regulation bill, amid controversy over President Donald Trump and his family's involvement in cryptocurrency.
Experts believe the president and his family's involvement in cryptocurrency could raise conflicts of interest and influence the bill's passage. Some experts believe the bill's chances of passage are low, while others say its chances are moderate given the current state of the debate.
The Trump family is known to be involved in cryptocurrency businesses on a significant scale and owns shares in certain mining companies. This is expected to be addressed as a conflict of interest issue during the legislative debate in Congress.
Questions about the president's connections are also likely to be raised at upcoming hearings by the Senate Banking Committee and the House Financial Services Committee.
Meanwhile, the issue of stablecoin yields is one of the arguments blocking the bill's passage. While banks argue that stablecoins can replace deposits, the cryptocurrency industry opposes them, arguing that they are an attempt to stifle competition. The White House has convened a meeting with bank and industry representatives to discuss the matter, but the two sides remain at odds.
Industry insiders analyzed that "regardless of whether the bill passes or not, both the banking and cryptocurrency industries need a regulatory framework," and that resolving the stablecoin issue and fleshing out the bill remain important tasks.
