U.S. passes 3 Virtual Asset Laws

[Anchor]

Among virtual assets, the one designed to be linked to the value of fiat currencies like the US dollar is called a 'stablecoin.'

The US Congress has passed a bill regarding stablecoins for the first time.

This means recognizing the incorporation of virtual currencies into the regulatory framework.

This is Kim Kyung-soo reporting from Washington.

[Report]

The so-called 'GENIUS Act,' which passed the House of Representatives on July 17 local time following the Senate, includes definitions and issuance procedures for 'stablecoins.'

It contains regulations stating that issuance requires permission and must be designed to be exchangeable for a fixed amount of fiat currency like the dollar, but ultimately, it incorporates virtual assets into the regulatory domain.

The two other bills that passed the House and are awaiting Senate review also aim to provide legal clarity for virtual assets.

President Trump has been actively promoting legislation related to virtual assets by persuading lawmakers directly.

[Donald Trump/President of the United States/March: "Last year, I promised to make America the Bitcoin superpower of the world and the crypto capital of the planet. And we're taking a historical action to deliver on that promise."]

Analysis suggests that Trump's pro-virtual asset policies reflect a determination to maintain US financial hegemony in the new era brought about by virtual assets.

This also takes into account the situation where China is challenging the dollar's dominance in the international payment network with its digital yuan.

[Tom Emmer/US Congressman/Republican: "Deliver on the 'America First' digital assets agenda by solidifying the dollar's dominance as the world's reserve currency."]

Trump has also declared this week as Crypto Week, or virtual asset week.

With expectations for policy easing uncertainties, the prices of virtual assets have generally shown an upward trend.

This is Kim Kyung-soo from KBS News in Washington.