The cryptocurrency market continues to attract the attention of global authorities and regulators, and the United States, in particular, is preparing to take a significant step toward integrating digital currencies into the country’s official financial system. Meanwhile, news of upcoming creditor payouts from FTX, a proposal from Iowa to invest in cryptocurrencies, and a strategic partnership between Tether and Reelly Tech highlight the further development of the cryptocurrency sector. Let’s take a closer look at these events.
The US Prepares to Integrate Stablecoins into the Financial System
The US is on the brink of revolutionary changes in the financial sector, preparing to integrate stablecoins into the official legal framework. David Sachs, the architect of the digital economy under Donald Trump, stated that stablecoins have already become an important player in the global financial market, but their rapid growth has not yet been addressed by US regulation.
The market capitalization of stablecoins currently exceeds $227 billion, with around 98% of them pegged to the US dollar. This makes stablecoins not only an important part of the digital economy but also a new tool that could significantly impact the economy. Legalizing stablecoins will strengthen the US dollar’s position as the global reserve currency and boost demand for US government bonds.
The integration of stablecoins into the financial system will also open up opportunities for more efficient and faster financial transactions, lowering transfer costs and improving access to finance for a wider audience. Moreover, this integration could be a crucial step in adapting the US to the rapidly evolving world of digital currencies.
SEC Prepares to Ease Rules for Cryptocurrencies
Alongside preparations for stablecoin legalization, the US Securities and Exchange Commission (SEC) is preparing to ease its rules regarding digital assets. According to The New York Times, the SEC plans to reduce the staff dedicated to cryptocurrencies, which could potentially lead to a relaxation of regulations in this area.
This move is part of broader efforts by the US to create a more flexible and open system of regulation for cryptocurrencies and digital assets. Donald Trump has repeatedly emphasized that in the future, the SEC will no longer impede progress in digital technologies, including cryptocurrencies, making expectations for regulatory easing more likely.
Easing the rules could be a significant step toward the legalization of cryptocurrency products in the US, increasing investor confidence and fostering innovation in the blockchain technology and digital currency sectors.
FTX to Begin Creditors’ Payouts on February 18
The scandal surrounding the cryptocurrency exchange FTX continues to make waves. Following its mass bankruptcy, which shocked the cryptocurrency community, the company announced the start of payouts to its creditors. As it has been revealed, FTX will begin payments on February 18.
The exchange promises to provide partial compensation for the damage suffered by its clients and creditors due to its bankruptcy. This could be an important step in restoring trust in the cryptocurrency industry, especially among those who lost funds on FTX. However, most cryptocurrency experts argue that full trust restoration in the industry will take time, and cases of bankrupt exchanges and large projects only highlight the need for stricter regulation and user protection.
Iowa Plans to Invest in Cryptocurrencies
The legislative body of Iowa in the US has introduced a bill that would allow the state to invest in Bitcoin and other cryptocurrencies. If passed, this bill will open up new investment opportunities and financial innovations in Iowa.
This move underscores the growing interest in cryptocurrencies at the state level in the US. The inclusion of cryptocurrencies as official financial assets could set an important precedent for other states and countries, accelerating the adoption of laws that regulate cryptocurrencies and blockchain technologies.
Tether and Reelly Tech Announce Strategic Partnership
Tether, the issuer of the USDT stablecoin, has announced a strategic partnership with Reelly Tech, a company developing technologies for the real estate market in the United Arab Emirates (UAE). The aim of the partnership is to optimize real estate transactions using USDT for payments.
Using stablecoins like USDT in transactions for real estate purchases will open up new opportunities for international investors and simplify the currency exchange processes in the region. This partnership highlights the growing interest in applying cryptocurrencies in real-world economic and commercial sectors, such as the real estate market.
The US continues to actively move toward integrating cryptocurrencies into its financial system, and the events surrounding FTX, legislative initiatives in Iowa, and Tether’s strategic partnership demonstrate how cryptocurrencies are increasingly entering the economic and political agenda. The legalization of stablecoins and the easing of regulations on cryptocurrency assets open up new horizons for the growth of digital currencies and their application across various economic sectors. In the coming years, we will likely witness digital assets becoming an integral part of official financial systems in many countries.
