A proposed bill in the US Senate, called the Lummis-Gillibrand Payment Stablecoin Act, could positively impact stablecoin issuers according to TD Cowen’s analysis. Senators Kirsten Gillibrand and Cynthia Lummis introduced this legislation, which includes clear guidelines. Issuers must keep reserves equal in value to the stablecoins they issue (1:1 ratio), and algorithmic stablecoins are banned.
TD Cowen believes that the proposed crypto regulation bill in Congress is a significant step forward, benefiting the crypto industry. If passed, it could allow banks and stablecoin issuers to collaborate. However, the bill’s approval might face challenges, such as securing support from Congress.
In the House, Representative Patrick McHenry and Representative Maxine Waters are engaged in talks over a potential regulatory framework for stablecoins. TD Cowen proposes a possible solution akin to the Senate bill as a compromise. However, organizations such as Coin Center voice apprehensions, primarily about the suggested prohibition of algorithmic stablecoins. They argue that this ban could be unconstitutional.
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2024-04-23 00:36