Rep. Khanna Says Stablecoin and Market Structure Bills Should Be Completed This Year

Khanna also criticized President Trump's memecoin, stating, "I don’t think any elected official should be having a memecoin."

At the Digital Assets Summit on March 18, US Representative Ro Khanna, a Democrat from California, expressed confidence that Congress should be able to pass both a stablecoin and crypto market structure bill this year.

He also noted that around 70 to 80 Democrats now understand the significance of stablecoin legislation in boosting America's global influence by increasing access to the dollar for more people.

Stablecoins are becoming an increasingly important use case in the crypto space, particularly in developing countries where access to physical dollars is limited. Currently, there are stablecoin bills under consideration in both chambers of Congress, including the GENIUS Act in the Senate.

Regarding the crypto market structure bill, Khanna highlighted the Financial Innovation and Technology for the 21st Century Act (FIT21), which he collaborated on with former Representative Patrick McHenry. "I understand that there will be some adjustments," Khanna said, "but a basic market structure bill should emerge."

Crypto industry executives have stated that the industry would benefit more from clear US regulations on digital assets than from the strategic Bitcoin reserve. As of now, cryptocurrency prices, including Bitcoin, have declined since US President Donald Trump signed the executive order establishing the reserve.

Khanna, while expressing enthusiasm about Congress passing stablecoin and crypto market regulation bills this year, was equally critical of President Trump’s memecoin, Official Trump (TRUMP). He stated that he did not believe any elected official should be involved in creating a memecoin.

Khanna expressed his criticism of President Trump’s memecoin, stating, “I’ve been a supporter of blockchain and crypto technology, but I criticize the idea of the president having a memecoin. I don’t think any elected official should be involved in creating a memecoin. These things, in my view, distract from the fundamental technology and the case we’re trying to make.” He further added, “We have to recognize that such things aren’t helpful in convincing the American public of the underlying value of the technology.”

President Trump’s memecoin and his family's involvement in crypto ventures have raised potential conflict-of-interest concerns. California Representative Maxine Waters has stated that the controversial memecoin could open the door to corruption and pose risks to national security.

In response, California Representative Sam Liccardo has introduced a bill aiming to make it illegal for U.S. presidents, members of Congress, senior government officials, as well as their spouses and children, to issue or sponsor commodities, securities, or cryptocurrencies.