Stablecoins are at the forefront of discussion in the political circles of the United States of America. While some politicians are convinced that stablecoins are a better alternative to cryptocurrencies, others feel that it lacks oversight. Senator Sherrod Brown belongs to the latter category and feels that stablecoins do not have the potential to add value to the monetary system. Sherrod Brown is the Chairman of the Senate Banking Committee and holds an important position of power. It is crucial for him to be open to cryptocurrencies, and fortunately, he says that he is. In an interview with Yahoo Finance, Sherrod Brown said that he is open to cryptocurrencies. He added that his responsibility does not entail curtailing cryptocurrency innovations. His work is ensuring that cryptocurrencies follow all regulations and not delving into actively restricting their development.
Over the past few months, the regulatory landscape of the United States of America has been very tumultuous. The newly introduced Infrastructure Bill made things especially complicated, particularly on the subject of crypto taxation. While both pro and anti-crypto lobbies have made their arguments, there has been no conclusion yet.
As soon as the Infrastructure bill passed, a bipartisan group of senators rushed to make amendments to it. Their primary concern is the taxation clause and the definition of a ‘broker’ with respect to crypto transactions. It is now a matter of time to see what directions the regulators take and what the future of cryptocurrency is in the United States of America.