Stablecoin, market structure bills should get done this year — Rep. Khanna

US Representative Ro Khanna, a Democrat from California, said at the Digital Assets Summit on March 18 that Congress “should be able to get” both a stablecoin and crypto market structure bill done this year.

Khanna added that there are 70 to 80 Democrats now who understand the importance of stablecoin legislation in increasing American influence around the world by giving more people access to dollars.

Rep. Ro Khanna (right) at the Digital Assets Summit, March 18. Source: Cointelegraph

Stablecoins are a growing crypto use case, especially in developing countries where there is limited access to physical dollars. There are currently stablecoin bills making their way through both chambers of Congress, including the GENIUS Act in the Senate.

As for a crypto market structure bill, Khanna noted the Financial Innovation and Technology for the 21st Century Act, also known as FIT21, which he worked on with former Representative Patrick McHenry. “I understand that there has to be some tinkering to that,” Khanna said, “but a basic market structure bill should emerge.”

Executives in crypto have said that the industry will benefit more from US regulatory clarity surrounding digital assets than even the strategic Bitcoin reserve. At this time of writing, cryptocurrency prices, including for Bitcoin (BTC), have fallen since the signing of US President Donald Trump’s executive order creating the reserve.

Related: Banks push to block stablecoin legislation over market share fears

As enthusiastic as Khanna was about Congress passing stablecoin and crypto market regulation bills this year, he was equally critical about President Trump’s memecoin, Official Trump (TRUMP).

“I’ll say this just to challenge folks,” Khanna said. “I’ve been a supporter of blockchain, of crypto technology, but I criticize this idea of the president having a memecoin. I don’t think any elected official should be having a memecoin, and those types of things, in my view, distract from the fundamental technology and making the case.”

He added, “We have to recognize that those types of things are not helpful in convincing the American public that there’s an underlying technology that is valuable.”

Related: What is TRUMP? Donald Trump’s billion-dollar memecoin

President Trump’s memecoin and his family’s crypto ventures may raise conflict-of-interest concerns, and California Representative Maxine Waters has said the infamous memecoin potentially opened the door to corruption and may risk national security.

California Representative Sam Liccardo has introduced a bill that would make it illegal for US presidents, members of Congress, senior government officials, and their spouses and children to issue or sponsor commodities, securities or cryptocurrencies.

Magazine: X Hall of Flame: Memecoins will die and DeFi will rise again — Sasha Ivanov