Senators Lummis and Gillibrand Introduce New Legislation on Stablecoins
Key Takeaways Senators Lummis and Gillibrand have proposed a bill that introduces stringent requirements for stablecoin issuers, including operational and reserve mandates; It also aims to ban algorithmic stablecoins and sets a $10 billion limit for issuers before requiring them to become authorized national payment stablecoin issuers; The legislation is part of the Senators' effort to integrate digital asset regulations into the US financial system, maintaining the US dollar’s dominance and ensuring consumer protection.
Key Takeaways
- Senators Lummis and Gillibrand have proposed a bill that introduces stringent requirements for stablecoin issuers, including operational and reserve mandates;
- It also aims to ban algorithmic stablecoins and sets a $10 billion limit for issuers before requiring them to become authorized national payment stablecoin issuers;
- The legislation is part of the Senators' effort to integrate digital asset regulations into the US financial system, maintaining the US dollar’s dominance and ensuring consumer protection.
