A blockchain advocacy organization in the United States calls on Congress to 'take immediate action' to pass stablecoin legislation

According to The Block, the US blockchain advocacy group The Digital Chamber is calling on Congress to "take immediate action" to pass stablecoin legislation to address the growing demand for its use. In the report "How Stablecoins Can Continue the Dominance of the US Dollar" released on Tuesday, the organization emphasized the application of stablecoins in cross-border payments and savings, and urged rapid legislative progress. The Digital Chamber is expected to meet with leaders from the Federal Reserve, the Office of the Superintendent of the Currency (OCC), the Congressional Financial Services Committee, and the Senate Banking Committee this week. Cody Carbone, the president of The Digital Chamber, expressed the hope that this report will drive legislation and pointed out that countries such as China and Russia are actively promoting the development of stablecoins. The report points out that over 98% of the world's circulating stablecoins are pegged to the US dollar, and proposes multiple policy recommendations, including allowing banks and non bank institutions to issue stablecoins, ensuring 1:1 asset support, and not treating stablecoins as securities. Carbone expects that stablecoin legislation is expected to be submitted to President elect Trump for signature in 2025, and points out that the renewal of the tax reform bill and budget coordination may lead to legislative delays, but is expected to be completed by the second quarter of 2025 at the latest.