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The 2024 U.S. Presidential race is heating up, and cryptocurrency policy is emerging as a key issue. With the Biden administration reportedly planning to attend a crypto policy roundtable and former President Trump expressing support for keeping crypto companies in the U.S., former House Speaker Paul Ryan has now joined the debate.<\/p>\n
In a June 13 Wall Street Journal article Ryan<\/a> \u2014 who served as the top Republican in the House under Presidents Obama and Trump before retiring in 2019, is urging lawmakers to consider creating a suitable crypto regulatory framework:<\/p>\n A sound, predictable regulatory framework for stablecoins has bipartisan support in Congress and would help dramatically expand the use of digital dollars at a critical time. In an election year, given all the ugly politics to come, we sure could use a win.<\/p>\n<\/blockquote>\n Ryan argued that embracing stablecoins<\/a> could make U.S. debt more attractive in international markets and prevent a potentially disastrous failed debt auction. He wrote:<\/p>\n If other countries are successful at bolstering their currencies\u2019 influence while dumping Treasury debt, the U.S. will need to find new ways to make the dollar more attractive. Dollar-backed stablecoins are one answer.<\/p>\n<\/blockquote>\n Ryan also noted that China has already embraced digital currency technology through its e-yuan, with HSBC <\/a>China becoming the first foreign bank to offer e-yuan banking services. Ryan emphasized the importance of the U.S. not sitting idly as China and Saudi Arabia, traditionally large purchasers of American debt, seek alternatives outside the dollar system:<\/p>\n Promoting dollar-backed stablecoins would follow a well-trodden path and offer clear near-term benefits. There would be an immediate, durable increase in demand for U.S. debt, which would reduce the risk of a failed debt auction and an attendant crisis. Unlike China\u2019s digital financial infrastructure, dollar-backed stablecoins issued on public, permissionless blockchains come packaged with the deeply American values of freedom and openness.<\/p>\n<\/blockquote>\n The former Speaker called for a bipartisan effort in Congress to craft a regulatory framework for stablecoins, suggesting it could be a unifying issue in an election year likely to be marked by divisive politics. He concluded:<\/p>\n In an election year, given all the ugly politics to come, we sure could use a win.<\/p>\n<\/blockquote>\n As the 2024 election approaches, it\u2019s clear that cryptocurrency policy will be a significant point of debate and a potential area for legislative action. With influential figures like Paul Ryan weighing in, the stage is set for stablecoins and digital currency to play a central role in the political and economic discourse.<\/p>\n As recently reported by Readwrite, presidential candidate Donald Trump has continuously pledged ever-increasing crypto support<\/a> during his campaign. Biden, on the other hand, is reportedly considering accepting crypto campaign donations<\/a> after recently deciding to\u00a0strike down a bipartisan push to repeal pro-crypto bill SAB 121.<\/a><\/p>\n<\/p><\/div>\n\n
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The dollar has competition<\/h2>\n
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