The United States officially establishes a stablecoin regulatory framework, marking a significant turning point for the encryption industry.

On July 19, the U.S. President officially signed a bill to establish a regulatory framework for stablecoins, marking the first cryptocurrency-related legislation in the United States. This bill provides clearer regulatory guidance for the U.S. market and fulfills the President's campaign promise regarding encryption.

The President stated at the bill signing ceremony: "This afternoon, we took a decisive step to consolidate America's dominant position in the global finance and encryption technology sectors, and we will sign this landmark bill into law." He also described this signing as a "huge recognition" of the encryption industry.

Multiple founders and executives from leading companies in the encryption industry attended the signing ceremony, including the CEO of a stablecoin issuance platform and the CEO of a well-known exchange.

The White House AI and encryption chief stated, "The bill will update the outdated payment infrastructure with a revolutionary new payment system and will expand the dominance of the dollar globally."

The bill establishes a federal regulatory framework for stablecoins, requiring that stablecoins must be fully backed by U.S. dollars or similar liquid assets, stipulating that issuers with a market capitalization exceeding $50 billion must undergo annual audits, and setting guidelines for foreign entities issuing stablecoins.

The bill will take effect 18 months after the president signs it, or 120 days after the main federal payment stablecoin regulatory agency issues the final rules for implementing the bill.

Some people in the encryption industry have expressed support for this bill. The founder of a payment company believes this is "one of the most transformative pieces of legislation in decades." An industry analyst stated that the bill could promote stablecoins becoming mainstream by enhancing trust in currency and encouraging more competition in the market.

However, the bill also faces some criticism. Some believe it compromises the decentralization of encryption currencies and may lead to corruption. Some critics also argue that the bill grants excessive powers to entities to issue new stablecoins, which could make the enforcement of regulatory standards more difficult.

It is worth noting that some experts point out that the bill provides incentives for stablecoin issuers to seek banking licenses. The stablecoin license established by the bill restricts the company's activities to "purely stablecoin issuance," but most stablecoin issuers do not limit themselves to just that. This provides motivation for stablecoin issuers to apply for national trust bank licenses, allowing them to engage in stablecoin issuance as well as broader activities.

The bill also prohibits stablecoin issuers from offering interest or returns to holders and users. This may affect the marketing strategies of some stablecoins.

For foreign stablecoin issuers, the bill provides certain exemptions. If the Treasury Department determines that the issuer's home country has a comparable regulatory framework, foreign issuers can offer services in the U.S. market by registering with and obtaining approval from the Office of the Comptroller of the Currency.

Overall, the signing of this bill marks a new historical stage for stablecoin regulation in the United States. Although it has sparked controversy in certain aspects, it may also provide new opportunities for future stablecoin issuers. As the regulatory environment evolves, the industry will continue to pay attention to subsequent developments.