US Congressman: The US may pass the stable currency legislation in a few days

It is reported that the market turbulence caused by the collapse of the Silicon Valley Bank briefly led to the breaking of the link between the USDC stable currency of Circle and the US dollar. In response, the management team of the stable currency issuer has called on the US Congress to urgently pass the stable currency legislation. In an interview with Jennifer Schonberger of Yahoo Finance, Maxine Waters, chairman of the House Financial Services Committee, said that the legislation might be passed in a few days, and suggested that the delay was due to the fear of which party would control the House of Representatives.

Interpretation of this information:

The recent market turbulence caused by the collapse of the Silicon Valley Bank has had ripple effects in the digital currency world. In particular, the USDC stable currency issued by Circle briefly lost its link to the US dollar. To address this issue, Circle’s management team has called on the US Congress to urgently pass stable currency legislation.

The urgency of this matter is supported by Maxine Waters, who chairs the House Financial Services Committee. In an interview with Yahoo Finance, Waters stated that the legislation may be passed within days, but that some delay has been due to concerns about which party would control the House of Representatives.

This news underscores the importance of having clear regulatory frameworks for digital currencies, especially as they become more mainstream. Investors and consumers alike need confidence that their digital assets will be safe and that these currencies will remain stable.