U.S. Senators Propose New Stablecoin Bill to Ban Algorithmic Stablecoins
ChainCatcher news, according to The Block, U.S. Senators Kirsten Gillibrand and Cynthia Lummis have proposed a stablecoin bill.
The bill would require stablecoin issuers to hold a one-to-one reserve of cash or cash equivalents to back their tokens, ban unbacked algorithmic stablecoins, and state that neither issuers nor users can use stablecoins for illegal or illegal purposes such as money laundering. Unauthorized purposes.
The bill also intends to establish a federal and state regulatory regime for stablecoin issuers to maintain a dual banking system and would give federal and state entities authority regarding the chartering and enforcement of stablecoins.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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