US senators to unveil bipartisan stablecoin legislation

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Senator Kirsten Gillibrand revealed ongoing discussions about forthcoming stablecoin regulation.

Gillibrand will team up with Senator Lummis, a Wyoming Republican, to unveil their fresh legislation in the near future – either by the end of this week or by next week at the latest.

Senator Gillibrand emphasized the importance of using cryptocurrencies’ unique features and achieving Bitcoin‘s original goal as a means of exchange. This proposed law might allow non-financial institutions to create their own stablecoins.

Attend the Bitcoin Policy Summit and listen to my discussion on Bitcoin mining and its advantages for our country.

— Senator Cynthia Lummis (@SenLummis) April 9, 2024

Key financial regulatory bodies such as the Federal Reserve, the U.S. Treasury, and the New York State Department of Financial Services were consulted during the process of creating this legislative framework.

Previously, Senators Lummis and Gillibrand presented the Financial Innovation Act of Lummis and Gillibrand. This legislation aims to establish strong regulatory supervision from both state and federal authorities, preventing misconducts while promoting a thriving atmosphere for progress and creativity in finance.

Furthermore, the proposal requires issuers to hold an equivalent asset for every stablecoin they issue.

Gillibrand spoke about the legislative debates, emphasizing the need for widespread agreement among parties and chambers to pass the law effectively.

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2024-04-10 17:15