With the growth of Crypto, Wall Street Arches in order to confront Washington

The escalating pressure struggle in Washington is revealed, as traditional banking currency companies and cryptocurrencies are competing for the organization. The dispute revolves around the Republican Party’s initiative to implement new regulations for digital assets.

What happenedThe encryption industry has many pressure victories since the president Donald TrumpBack to his position, including the first legislative renewal of digital asset regulations. With Republicans appointing a second more comprehensive draft law to enhance the encryption market, the Wall Street factions express their concerns.

Traditional financial institutions fear that some of the proposed encryption reforms can increase their business models and threaten financial stability.

According to a report by The Politico, there are fears that lenders can test a deposit trip, as customers turn into the most organized encryption products.

TURSSE has intensified pressure this month, as it urged legislative banking commerce associations to amend a signed encryption law that was adopted in Congress in July. This opposition sparked the encryption industry.

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Organizations such as the American Banking Association are now pressing the Senate members to amend the law when they consider the draft law of a second larger encryption market next month, according to the exit reports.

It aims to prevent all encryption companies from providing the return to customers who hold Stablecoins and cancel a section of the law in which they argue allows the united deposits institutions in the country to work at the country level without appropriate supervision.

On the other hand, the encryption companies, which have pressured for years for the Stablecoin Bill, confirm that it has been settled. “The genius law” is the stable law. “.

Why do it matterThe results of this pressure battle can greatly affect the future of financial regulations in the United States.

The clash represents a broader struggle between traditional financial institutions and the emerging Fintech companies over controlling financial systems and consumer confidence.

The decisions taken in Washington can put a precedent for other countries that are struggling with similar issues, which may form the global financial scene.

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