JP Morgan Predicts Stablecoin Legislation in the U.S. Before Elections; Tether's Dominance Threatened
CryptoNewsTerminal Staff06 Jun, 2024
JP Morgan Predicts Stablecoin Legislation in the U.S. Before Elections; Tether's Dominance Threatened
JP Morgan, a Wall Street banking giant, has predicted that among the four crypto-related bills currently under debate in the U.S. Congress, a stablecoin bill is the most likely to become law before the U.S. presidential election in November. This prediction highlights the increasing hostility of the U.S. government towards stablecoins, particularly non-compliant ones like Tether. One bill that has garnered attention is the 'Stablecoin Tethering and Bank Licensing Act'. If passed, this act could potentially threaten the market dominance of non-compliant stablecoins like Tether. These developments indicate a changing regulatory landscape for stablecoins in the U.S., and market participants should closely monitor the progress of these bills to understand their potential impact. ```
