All US bills need 2/3 Senate majority approval to pass, assuming the lawmakers even make their bill progress to that stage. I don't think it stands a chance at getting to the voting part though - stablecoin companies will lobby against this bill since it would give USD PAX/USDC and even Tether (at least for some time) headaches.

Actually, to a completely bill is approved and release offically, it must a lot of time and it's also not easy, because USDT will not sit tight and the influence of USDT to the cryptocurrency market now is too much. I mean news like this maybe cause confusions for investors about stable coins and they will continue to hold Bitcoin instead of transfering to stable coins when they want to take profit.

It is expected that in the future governments will start to intervene a lot in the cryptocurrency market. StableCoin and the exchanges will be the ones that most governments will pressure, because in my opinion the StableCoin needs to be audited frequently and the exchanges need to be inspected. until a few days ago i was hearing about projects of  StableCoin that are not directly linked to the USD and i was wondering if that was correct or not and if it would be worth using something like that. I know that USDT have shady past and present and a non-transparent way of working, but I still use USDT to trade, but I use it with caution

Project laws are often weird, controversial and risky, but they usually don't become laws. As for tightening the regulations of stable coins, I'd actually say it's a good idea. Stablecoins should prove they're backed up, and they should be strictly supervised because people rely so much on them remaining stable. Bitcoin, on the other hand, is not stable, and people are aware of that, so there's no risk of the same kind involved as with USDT. But fear not, it probably won't get approved because it introduces a lot of centralization that private businesses wouldn't appreciate.

It is undeniable that the crypto market will be greatly affected by the arrival of the new US president. The new president will want to sort out parliament in a new way, and push for a new budget bill. But most trades use stable coin as an alternative to fiat currency for crypto trading. I don't think there will be Senate support for such kind of bill and stable coin regulation.

If they happen to understand what cryptos are and what stable coins can do, they would actually go for a push of it. They don't want others to see printing a lot of money and that's why the government would like to have a glimpse of stable coin issuers.

And with the arrival of the new POTUS - Biden. We'll never know what would be his concern towards crypto in general including these stable coins. @Op, don't you worry about the growth of bitcoin. We're seeing a genuine increase and it's not the same as before anymore.

Exactly, but OP also made one good point here that this thing is always coming up whenever btc is touching the skies. Look at the current rate of up surge and how people gaining money by selling their bitcoins into stablecoin. This is bad for the whales who would want the price to go even further the current barrier of 20K. This time it would be historical event if we cross this barrier and to make it happen, people who had FOMO reactions and conversions into stable coin needs to get out of it and again buy the BTC.

It's like mutual global pump if this news spreads on serious note. This time everyone will have fear of USDT or few known stable coins getting illegality issues. Just imaging, everyone will start selling them for BTC.

That's a badass savage play indeed.

That's the reason I am worrying but I also realize that the situation now is quite different to 2017 when at that time USDT is almost a dominate stable coin and almost people can only sell their BTC to USDT to take profit, and I remembered that the exchanges in that time hadn't have the service to exchange directly BTC to USD or the currency of their country as now.

There are some facts -

1. It is a proposed bill and has not yet became a law
2. USDT couldn't prove that they are backed by 1:1 USD

However, USDT is the only cryptocurrency whose daily trading volume often exceeds its market cap. Even after people knowing the fact that USDT is not backed up by real USD at 1:1 ratio, people still uses this one and its adoption is increasing fast because of the convenience it provides to the traders. I don't think this is a shark trick just to make people worried about stablecoins because today we have many alternatives available. I know there are speculations because as soon as the market touches previous ATH, a lot of investors from 2017 will start selling -off their coins, especially those people who have burnt their hands investing in bitcoin. They are just desperate to recover their invested amount. So there will be a huge sell pressure which may drag the market down after reaching the previous ATH.

These kind of tricks can work on only US investors, remaining countries will have no effect! Unless they spread a FUD that bitcoin will reach 50k in few months, there's no way people will stop selling their 2017 holdings! The threat is real!