On April 19, Coin Center, a prominent cryptocurrency advocacy organization, encountered opposition to the Senate’s bill regarding stablecoins. Proposed by Senators Kirsten Gillibrand and Cynthia Lummis, the Payment Stablecoin Act aims to control stablecoins that mirror the value of conventional currencies, like the US dollar.
According to Coin Center, ending algorithmic stablecoins raises an questionable constitutional issue. The defendants contend that these stablecoins do not qualify as protected forms of speech under the First Amendment’s free speech clause, leading to a potential infringement on individual liberties versus government power.
Despite recognizing the importance of regulating algorithmic stablecoins, Coin Center proposes a two-year delay instead of immediate action as suggested in a House bill. This view is consistent with statements made by Coin Center’s Executive Director, Jerry Brito, who advocates for legislation on stablecoin regulations in the US.
This week, the Lummis-Gillibrand bill was introduced with the aim of establishing regulations for stablecoins. commendable step. However, it’s regrettable that this legislation includes a prohibition on “algorithmic payment stablecoins.” Such a ban could hinder innovation and potentially infringe upon free speech rights protected by the First Amendment.
— Jerry Brito (@jerrybrito) April 19, 2024
After the 2022 crypto market turbulence, which started with TerraUSD (UST) losing its dollar value connection, the significance of one of the risks associated with stablecoins came under scrutiny. To help understand the situation better, US Senate Banking Committee Chairperson Sherrod Brown has been advocating for laws to regulate stablecoins in response.
The Clarity for Payment Stablecoins Act, currently under consideration for a final congressional vote, faces an uncertain future, while the outcome of the Lummis-Gillibrand Act remains undecided.
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2024-04-20 00:39