Lummis & Gillibrand Release Stablecoin Legislation; Warren Pivots to Stablecoins in Anti-Crypto Campaign
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Lummis & Gillibrand Release Stablecoin Legislation What happened? Last Tuesday, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced their Payment Stablecoin Act to regulate the issuance and operation of stablecoins. The bill defines a payment stablecoin as a crypto asset that is designed to maintain a stable value relative to a fiat currency like the US dollar (USD), where the issuer is obligated to redeem the stablecoin for a fixed amount of USD. Importantly, the bill explicitly bans the creation, issuance, or origination of algorithmic stablecoins, which rely on an algorithm to maintain a stable value.
Lummis & Gillibrand Release Stablecoin Legislation; Warren Pivots to Stablecoins in Anti-Crypto Campaign
Lummis & Gillibrand Release Stablecoin…
Lummis & Gillibrand Release Stablecoin Legislation; Warren Pivots to Stablecoins in Anti-Crypto Campaign
Lummis & Gillibrand Release Stablecoin Legislation What happened? Last Tuesday, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced their Payment Stablecoin Act to regulate the issuance and operation of stablecoins. The bill defines a payment stablecoin as a crypto asset that is designed to maintain a stable value relative to a fiat currency like the US dollar (USD), where the issuer is obligated to redeem the stablecoin for a fixed amount of USD. Importantly, the bill explicitly bans the creation, issuance, or origination of algorithmic stablecoins, which rely on an algorithm to maintain a stable value.