New Stablecoin Regulations Anticipated as Senators Gillibrand and Lummis Prepare Legislation
Two US Senators, Kirsten Gillibrand from New York and Cynthia Lummis from Wyoming, are set to introduce new stablecoin regulations in the near future. Aiming to enhance the potential of crypto and Bitcoin as a payment method.
The legislation focuses on ensuring safety, soundness, and oversight within the stablecoin industry. Collaborating with federal agencies like the Fed, Treasury, and NYDFS. Gillibrand emphasizes the importance of regulatory oversight to eliminate bad actors while fostering growth and innovation.
The proposed regulations offer two pathways for stablecoin issuers One involving state and federal charter banks and the other for nondepository institutions, with a balance between federal authority and state regulation. Gillibrand views these regulations as a common-sense compromise that will spur innovation in the cryptocurrency sector. With input from other Senators like Patrick Henry and Maxine Waters.
Clever Robot News Desk 11th April 2024
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