Circle Vice President: The U.S. may be lagging behind the world in stablecoin regulation

ChainCatcher news, according to decrypt, Circle Vice President Yam Ki Chan stated at the Korea Blockchain Week that the U.S. may be lagging behind other major regions globally in terms of federal-level stablecoin regulation.

Compared to the EU's MiCA regulations and Hong Kong's stablecoin framework, the U.S. has yet to establish a national unified regulatory approach. Currently, U.S. states primarily regulate stablecoins based on existing money transmission laws, leading to fragmented regulation. Although the "2023 Payment Stablecoin Clarification Act" has passed in the House committee, it still requires further legislative procedures. Chan emphasized that the U.S. needs to upgrade its regulatory framework and believes that the upcoming elections could be an opportunity to reshape the discussion around cryptocurrency policy.