Stablecoin Bill on Path to Passage After Senate Vote

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00:00While this is very promising for the crypto industry, it might be equally as promising for

00:05mainstream financial institutions that want to get in. What did the crypto industry get and not get

00:11out of this bill? So what the crypto industry is certainly getting is the first step for Congress

00:17to actually adopt anything with crypto, really. I mean, for the last couple of years, the

00:21cryptocurrency industry has had an enforcement albatross across its neck. And now Congress is

00:26actually most likely going to pass within the next month or so, this legislation that will give

00:31the issuers an ability to register, an ability to work with regulations, because stable coins have

00:36been in this regulatory gap. Now, I don't think it's going to be like, you know, this isn't going

00:40to be a cryptocurrency framework. That's going to come later in a separate bill. But this does get

00:45this idea that Democrats or Republicans can come together and pass something on crypto. I would just

00:50caution, however, is that even though this bill could pass by June or July, a lot of the language in

00:55here requires the Federal Reserve and the Office of the Comptroller of the Currency to conduct rule

00:59makings. And that could take another year to actually see the specifics of what comes out.

01:03So what would be the implications of that, Nathan? What are you telling clients right now when

01:07they're trying to understand a timeline of when we could actually see some of the stuff in this bill

01:11not just become law, but make those changes that these advocates want to see?

01:15Yeah. So, you know, there's a lot of sentiment that once this bill passes, it's almost like a retail

01:19adoption that crypto is going to go forth and really move forward here. And what we're just telling our

01:23clients is just remember that the institutional portion of this is going to take some time. Now, there's going

01:29to be a proposal. There's going to be multi 100 page comments. This is going to get finalized probably in mid to

01:34late 2026, assuming that this bill moves forward. And again, that enforcement albatross is not going to be

01:40there. So that's not a bad thing. But I would just say is that we are going to have to see additional more

01:44language for the compliance and the risk folks at these companies. If you're on the trading side of the

01:49speculation side, you know, you're really not going to see much impact of that.