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U.S. authorities postponed stablecoin regulation until September

U.S. authorities postponed stablecoin regulation until September

The postponement is caused by the fact that the bill is not ready: the bill still lacks the U.S. Treasury's concerns about cryptocurrency depositories, as well as comments from the U.S. Securities and Exchange Commission.

According to The Wall Street Journal, the U.S. House of Representatives has delayed consideration of a bill on cryptocurrency regulation. U.S. Treasury Secretary Janet Yellen wants the bill to include requirements that oblige cryptocurrency depositories to hold customer assets separately. Failure to reach a consensus on this issue resulted in the bill's postponement. 

It should be noted that the European Union also wants to regulate the stablecoin market. According to the new MiCA (Markets in Crypto assets) directive, which will presumably come into force by 2024, issuers of stablecoins must open representative offices in the EU and possess a "sufficiently liquid reserve". They must also register with the European Banking Organization. Meanwhile, cryptocurrencies without centralized issuers, like Bitcoin, are exempt from regulatory oversight. However, the president of the ECB, Christine Lagarde, has already hinted that this omission could be corrected as part of the second MiCA package.

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