Source: Cointelegraph Original: "{title}"

Democratic Congressman Ro Khanna from California stated at the digital asset summit on March 18 that the U.S. Congress "should be able" to complete the drafting of a stablecoin bill and a cryptocurrency market structure bill this year.

Khanna added that there are currently 70 to 80 Democrats who understand the importance of stablecoin legislation, which helps enhance the U.S.'s influence globally by allowing more people to access the dollar.

Congressman Ro Khanna (right) attended the digital asset summit on March 18. Source: Cointelegraph

Stablecoins are an increasingly growing application in the cryptocurrency space, especially in developing countries where access to physical dollars is limited. Currently, there are several stablecoin-related bills progressing in both chambers of the U.S. Congress, including the Senate's "GENIUS Act."

Regarding the cryptocurrency market structure bill, Khanna mentioned the "21st Century Financial Innovation and Technology Act," also known as FIT21, which he co-authored with former Congressman Patrick McHenry. Khanna stated, "I know this bill needs some adjustments, but a basic market structure bill should be forthcoming."

Executives in the cryptocurrency industry have stated that compared to strategic Bitcoin reserves, the clarity of regulation in digital assets in the U.S. will benefit the industry more. At the time of writing, the prices of cryptocurrencies, including Bitcoin (BTC), have fallen since President Trump signed the executive order to create a Bitcoin reserve.

Although Khanna is optimistic about Congress passing stablecoin and cryptocurrency market regulation bills this year, he also criticized President Trump's meme coin "Official Trump Coin" (TRUMP).

Khanna said, "I say this to remind everyone. I have always been a supporter of blockchain and crypto technology, but I criticize the president for owning a meme coin. I believe no elected official should own a meme coin; in my view, such things distract from the focus on the underlying technology and are not conducive to promoting the value of crypto technology."

He further added, "We must recognize that such things do not help the American public believe in a valuable underlying technology."

President Trump's meme coin and his family's investment activities in the cryptocurrency space may raise concerns about conflicts of interest. California Congresswoman Maxine Waters has stated that this notorious meme coin could open the door to corruption and even jeopardize national security.

California Congressman Sam Liccardo has proposed a bill that would make it illegal for the U.S. president, members of Congress, senior government officials, and their spouses and children to issue or sponsor commodities, securities, or cryptocurrencies.

Related: U.S. Senate Banking Committee Advances Progress on the "GENIUS Stablecoin Act"

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