Coin Center Opposes Stablecoin Regulation, Citing Concerns Over Free Speech Rights

Coin Center, a nonprofit crypto advocacy group, contends that a stablecoin bill recently proposed by Senators Cynthia Lummis and Kirsten Gillibrand would infringe upon free speech rights. 

The bipartisan bill seeks to outlaw “algorithmic payment stablecoins” like Terra’s UST, which Coin Center argues can operate without centralized issuers or promoters. Instead of a ban, Coin Center suggests that these stablecoins and their creators should register with the SEC for transparency and accountability. The group emphasizes that banning algorithmic stablecoins is akin to censoring computer code, a violation of the First Amendment. Lummis and Gillibrand had announced their intention to introduce this bill earlier this month.

Clever Robot News Desk 22^nd April 2024