The United States will introduce a stablecoin bill. What is its impact on the crypto industry?

The U.S. Congress may introduce a stablecoin bill this month

On March 9 , a competing bill on the regulation of stablecoins and their reserves may be submitted to the U.S. Congress this month. In February of this year , Congressman Josh Gottheimer proposed an early draft of the bill, which proposed a " qualified " definition for stablecoins issued by banks and other institutions .

Additionally, the working group recommended that stablecoin issuers should be regulated by the Federal Deposit Insurance Corporation ( FDIC ).

On the same day, U.S. Treasury Secretary Yellen said: Biden’s instructions on cryptocurrencies will address illegal financial risks, and the Treasury Department will release a report on future currency and payments.

California Legislature Introduces Bill to Establish Bitcoin as Legal Tender in State

On March 8 , the California legislature proposed a bill that could establish Bitcoin as the state's legal currency. Republican state legislator Jordan Cunningham proposed the bill. Although the bill has been submitted to the legislature, the formal establishment process of the bill will be complicated.

New investments in cryptocurrency funds tripled last week to highest level in three months

A report released Monday by digital asset management firm CoinShares showed that $ 127 million in net inflows into digital asset funds occurred in the week ending March 4 , with a regional breakdown including $ 151 million in inflows in the Americas and $ 24 million in outflows in Europe.

Despite outflows from European markets, new investment into cryptocurrency funds quadrupled last week to its highest level in nearly three months.

Bitcoin mining company Blockmetrix completes $43 million Series B financing

Blockmetrix, a Dallas-based bitcoin mining company, announced that it has completed $ 43 million in Series B funding.

Blockmetrix said it has 1,000 mining machines in operation after completing a $ 7 million Series A funding round last year . The latest round of funding was oversubscribed and included investors from the United States, Australia and several Asian countries.

Nevin Bannister , the company’s CEO and co-founder , said the company plans to grow rapidly by using the maximum available capital and debt to purchase mining equipment while controlling electricity costs through various joint ventures.

On the one hand, policies targeting the encryption industry are frequently issued, and on the other hand, the market is developing in full swing.

The attitudes of various governments, especially Western countries led by the United States, towards the encryption industry will have a profound impact on the development of the industry. The shoe will drop soon, so let us continue to pay attention to industry trends.

Meta-Luban: https://meta-luban.com/