- California Representative Ro Khanna anticipates Congress will pass both stablecoin and crypto market structure bills in 2024.
- Khanna reports 70-80 Democrats now understand stablecoins’ importance for expanding dollar access globally.
- The congressman criticized President Trump’s memecoin, arguing such ventures distract from blockchain’s fundamental value.
Congressional progress on crypto legislation is gaining momentum, with Representative Ro Khanna (D-Calif.) expressing confidence that lawmakers will approve both stablecoin and market structure bills this year. Speaking at the Digital Assets Summit on March 18, Khanna highlighted growing bipartisan support for regulatory clarity in the cryptocurrency space.
“Congress should be able to get both a stablecoin and crypto market structure bill done this year,” Khanna stated during his appearance at the summit. He noted a significant shift in Democratic understanding of cryptocurrency’s potential, with 70-80 party members now recognizing how stablecoin legislation could expand American influence by providing more global access to dollars.
Stablecoins have emerged as a crucial cryptocurrency use case, particularly in developing regions where physical dollar access remains limited. Several stablecoin-focused bills are currently advancing through Congress, including the GENIUS Act in the Senate.
For broader crypto market structure, Khanna referenced the Financial Innovation and Technology for the 21st Century Act (FIT21), legislation he developed with former Representative Patrick McHenry. “I understand that there has to be some tinkering to that,” Khanna acknowledged, “but a basic market structure bill should emerge.”
Industry executives have consistently maintained that regulatory clarity would provide more substantial benefits to the crypto sector than even the Strategic Bitcoin Reserve recently established by executive order. Notably, cryptocurrency prices, including Bitcoin (BTC), have declined since President Trump signed that executive order.
## Khanna voices opposition to presidential memecoins
Despite his support for cryptocurrency legislation, Khanna expressed strong criticism of President Trump’s memecoin, Official Trump (TRUMP).
“I’ve been a supporter of blockchain, of crypto technology, but I criticize this idea of the president having a memecoin. I don’t think any elected official should be having a memecoin, and those types of things, in my view, distract from the fundamental technology and making the case,” Khanna stated during the summit.
He emphasized that such projects undermine public confidence in blockchain’s underlying value: “We have to recognize that those types of things are not helpful in convincing the American public that there’s an underlying technology that is valuable.”
The presidential memecoin has raised significant conflict-of-interest concerns, with Representative Maxine Waters warning it potentially opens doors to corruption and poses national security risks.
In response to these concerns, California Representative Sam Liccardo has introduced legislation that would prohibit U.S. presidents, members of Congress, senior government officials, and their immediate family members from issuing or sponsoring commodities, securities, or cryptocurrencies.
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