It is a major milestone for the once fringe industry, which has been lobbying Congress over regulation for years and poured millions into last year’s election, backing candidates that included Donald Trump.

The bill sets up a regulatory regime for so-called stablecoins, a kind of cryptocurrency backed by assets seen as reliable, such as the dollar.

Trump is expected to sign the legislation into law on Friday, after the House passed the bill on Thursday, joining the Senate, which had approved the measure last month.

Known as the Genius Act, the bill is one of three pieces of cryptocurrency legislation advancing in Washington that is backed by Trump.

The president once derided crypto as a scam but his opinion shifted as he won backing from the sector and got involved in the industry as a businessman, with ties to firms such as World Liberty Financial.

Supporters of the legislation say it is aimed at providing clear rules for a growing industry, ensuring the US keeps pace with advances in payment systems. The crypto industry had been pushing for such measures in hopes it could spur more people to use digital currency and bring it more into the mainstream.

The provisions include requiring stablecoins, an alternate cryptocurrency to the likes of Bitcoin, to be backed one-for-one with US dollars or other low-risk assets. Stablecoins are used by traders to move funds between different crypto tokens.

The use of these coins, which are viewed as less volatile, has grown rapidly in recent years.

Critics argue the bill will introduce new risks into the financial system by legitimising stablecoins without erecting sufficient protections for consumers.

For example, they said it would deepen tech firms’ participation in bank-like activities without subjecting them to similar oversight, and leave customers hanging in a convoluted bankruptcy process in the event that a stablecoin firm should fail.

They had also tried to rally opposition to the bill by arguing that voting in favour was effectively condoning Trump’s business activities – including his family’s promotion of their own crypto coins.

But it nevertheless drew significant support from Democrats, about half of which supported the bill, as well as the majority of Republicans.

“Some members may believe passage of this bill, even with flaws, is better than the status quo. We believe this is a fundamental misunderstanding of the risks involved with these instruments,” a coalition of consumer and advocacy groups wrote in a letter to Congress this spring.

They warned that passage would “allow the proliferation of assets that consumers will wrongly perceive as safe”.

Analysts had expected Congress to pass all three bills earlier this week, but unexpected hiccups led to delays.

The two other bills have passed the House and are headed to the Senate, where Republicans hold a narrow majority. Those bills would prevent the US central bank from establishing a digital currency and set up a regulatory framework for other forms of crypto.

The advance comes as Trump is reportedly working on an presidential order that could allow retirement accounts to be invested in private assets, such as crypto, gold and private equity.

The value of Bitcoin hit a new record this week, passing $120,000 (£89,000).

But Terry Haines of Washington-based analysis firm Pangaea Policy, said he did not expect the other two bills, which are more significant, to go further.

“This is the end of crypto’s wins for quite a while – and the only one,” he wrote. “When the easy part, stablecoin, takes ~4 to 5 years and barely survives industry scandals, it’s not much to crow about.”

Source: BBC

The group had just received a $3 billion valuation earlier this year, and was in the process of raising another $100 million—a meteoric success in which he played an integral role after launching Amber in 2017 with a group of finance insiders, including former Goldman Sachs Group Inc and Morgan Stanley workers.

His meteoric rise continued, and in 2019 he earned a spot on the Forbes Under 30 list.

“He put his heart and soul into the company, in every stage of its growth. He led by example with his intellect, generosity, humility, diligence and creativity,” the company wrote in a statement confirming his death on their website, commemorating him as a “devoted” husband and “loving” father.

Known affectionately by his peers as “TT,” the company remembered him as a “respected thought leader and widely recognized pioneer for the industry.”

“His depth of knowledge, his willingness to collaborate and his desire to always help others benefited countless start-ups and individuals. His insights and creativity inspired many projects, people and communities.

“We lost a great partner and a true friend in TT and words cannot express our sorrow at this time. TT’s legacy will live on and we will work even harder to make Amber the category-defining leader of our industry, as this was TT’s ambition and dream.”

Further details surrounding Kullander’s death were unavailable—except for the fact he passed while asleep.

The statement also said Kullander sat on the “Board of Fnatic (one of the world’s most successful e-sports organizations) and founded KeeperDAO (the first on-chain liquidity underwriter) before giving it back to its community.”

“TT’s legacy will live on and we will work even harder to make Amber the category-defining leader of our industry, as this was TT’s ambition and dream.”

“TT was a devoted husband, a loving father and a fierce friend. His passing is a tragedy and our thoughts and prayers are with his family. He is survived by his wife and their beloved son. We kindly request that you respect their privacy during this difficult time.”

Kullander is the second young crypto whiz to shock the industry with his death in recent weeks: On Oct. 28, 29-year-old Nikolas Mushegian, an early developer of MakerDAO, washed ashore on a Puerto Rican beach after an apparent drowning, just hours after tweeting about an alleged murder plot to take his life.

The Daily Graphic on Tuesday, November 27 reported that the two anti-crime bodies were on a manhunt for the directors and operators of a cryptocurrency syndicate who have allegedly swindled more than 3,000 people of their deposits.

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However, in an interview on Asempa FM’s Ekosii Sen show, Mr Damete-Kumi wh is one of the persons allegedly being sought after by the angencies said there has not been any situation where the EOCO invaded their premises to look for them.

“The EOCO knows where they can find us so I don’t understand why this publication came out. Moreover, we called their office today and they denied knowledge of the publication in the Daily Graphic,” he said.

“We are yet to call Daily Graphic to know the source of their information but if there is no accurate response, we will file a suit against them,” he added.

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Mr Damete-Kumi explained that crypto-currency wasn’t fraud but a legal activity through which a lot of people have benefitted even though it may not have a legal framework within which it operates in Ghana.

“The company has been registered for a year now to educate people about crypto-currency which a lot of people don’t understand and see as fraud, so we wanted to train people on how to trade and buy. As at now, we have about 50,000 people learning and making money to change their lives,” he said..

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The cryptocurrency trade is gaining popularity in Ghana with many people investing in the trade.