FX168 Financial News Agency (Asia Pacific) reports that Kamala Harris, US Vice President and Democratic presidential candidate, hinted that the bipartisan-supported cryptocurrency legislation will be passed if elected in November. USDT stablecoin reveals that it will soon be available on Apple iPhones, opening a new chapter for trading and payment. The head of Fidelity Digital Asset Management stated that stablecoins, tokenized national debt, and on-chain crediting may soon emerge.
Democratic camp: Harris will pass bipartisan cryptocurrency legislation if elected in November!
Chuck Schumer, the majority leader of the US Senate and a Democratic senator, said that if Kamala Harris is elected president in November, his goal is to pass bipartisan-supported cryptocurrency legislation by the end of this year. He said in his speech at the Crypto4Harris City Hall meeting, "We cannot continue to stand idly by because doing so may cause cryptocurrencies to flow overseas and enter countries with the lowest regulatory standards that are completely unregulated." #US Election#
(Source: CoinTelegraph)
He noticed the growth of the cryptocurrency industry and said that the Harris administration is not necessarily opposed to cryptocurrencies in principle. He added that if Harris is elected president, his goal is to pass legislation supporting cryptocurrencies in the United States by the end of this year. "I hope to unite senators from both parties and create momentum so that we can help the United States maintain its position as the most innovative country in the world through reasonable legislation. Innovation is our North Star when it comes to artificial intelligence (AI) or encryption technology," he continued.
He pointed out that legislators need to provide guardrails to protect technology users, maintain national security, and ensure that encryption technology is not abused by evil forces. "Congress has a responsibility to provide common sense and reasonable regulations for cryptocurrencies. We need your support to ensure that any proposal is bipartisan," he called on voters and cryptocurrency enthusiasts to promise to support Harris's campaign.
According to CryptoSlate, Florida Congressman Darren Soto stated that he and his colleagues in the Blockchain Caucus call on Harris to do three things in the field of cryptocurrency:
1. Abolish and reform the SEC's cryptocurrency custody accounting standard announcement (SAB 121);
2. Pass the "21st Century Financial Innovation and Technology Act" (FIT21) and work with Congress to pass a final bill to create clear rules;
3. Encourage her to recognize the importance of cryptocurrencies, especially in remittance.
(Source: Twitter)
Jeremy Allaire, CEO of USDT stablecoin issuer Circle, expressed optimism about rumors that Harris is shifting to a more favorable position on cryptocurrencies. He made the remarks in an interview with CNBC, saying that Harris's presidential campaign team is actively working with the cryptocurrency industry to deepen their understanding of cryptocurrency-related policies in preparation for the 2024 US election.
(Source: CryptoSlate)
According to Allaire: "The government and Harris's campaign team are working together to truly understand these issues, stakeholders, industry, and policy issues."
He also shared his views at a virtual roundtable meeting held on August 8th with White House officials, Harris campaign representatives, US lawmakers, and industry leaders. Allaire said the event highlighted the bipartisan nature of the issue and its importance to voters. He added that the industry is seeking clarity on Harris's economic policy intentions and her position on cryptocurrencies.
Harris's campaign team announced that Harris will deliver a speech in Raleigh, North Carolina on Friday (August 16) outlining her economic policy. A campaign official said Harris's speech will detail how she plans to lower middle-class family costs and combat corporate price gouging. US Republican presidential candidate and former president Trump also announced that he plans to speak about the economy in Asheville, North Carolina on Wednesday.
USDT stablecoin may soon be available on Apple iPhones
Allaire gave a rare signal, saying that after Apple opened the development of secure payment chips to third-party developers, it plans to launch USDC payment functions on iPhones, which means that traditional US payments will enter a new era.
(Source: Twitter)
The function of using USDC for click-to-pay on iPhone will be launched soon. Wallet developers, start your engines, Allaire wrote in a post.
Apple announced on Wednesday, August 14th, that it will open up the use of its NFC chip and Secure Element (SE) to third-party app developers, paving the way for cryptocurrency developers to integrate blockchain-based payment functionality into their apps on Apple devices.
"This will allow point-of-sale systems to tell the iPhone the blockchain address or payment amount they will accept in USDC, and then the user's wallet app on the iPhone can prompt the user to confirm the payment, such as using FaceID, and initiate the settlement of USDC on the blockchain," Allaire continued.
Extended Reading: Apple suddenly signals! The US dollar stablecoin will soon be available on the iPhone...
Fidelity funds: Stablecoins, tokenized national debt, and on-chain credit may emerge.
According to The Block, Cynthia Lo Bessette, the head of the digital asset management department at Fidelity, said in an interview that it is currently unclear whether the next ETP product will be based on Bitcoin or Ethereum.
Bessette added that although the U.S. Securities and Exchange Commission has not yet approved an Ethereum ETF that can pledge underlying assets, this situation may change because pledging is a key component of the Ethereum ecosystem.
The emergence of Ethereum staking ETF is only a matter of time, rather than whether it will happen.
Her team has had 'constructive dialogues' with staff at the SEC regarding the possibility of introducing this feature to the market. In addition, Fidelity's digital asset management department is also exploring tokenization, including stablecoins, on-chain sovereign bonds and crediting.
(Source: Twitter)
If indeed it happens, it means that the traditional financial market will 'change' and enter the on-chain tokenization market, achieving innovation and combination of on-chain and off-chain.