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U.S. Senators Cynthia Lummis and Kirsten Gillibrand introduced a new bill early Wednesday aimed at regulating stablecoins, specifically targeting the prohibition of unbacked algorithmic stablecoins. The bill, known as the Lummis-Gillibrand Payment Stablecoin Act, seeks to establish a regulatory framework to enhance consumer protection, promote responsible innovation, and address concerns related to money laundering and illicit finance. This legislative effort comes amid a broader push in both the House and Senate to pass such regulations by as soon as May.
šļø Crypto News United States Senators Kirsten Gillibrand and Cynthia Lummis have unveiled a new bill, known as the Lummis-Gillibrand Payment Stablecoin Act. š https://t.co/6NVkE6kHXM #CryptoNews
SEN. LUMMIS FAVORS CIRCLE OVER TETHER IN STABLECOIN RACE - Senator Cynthia Lummis suggests @Circle, a U.S. company, would have an edge over Tether under proposed stablecoin regulations due to compliance advantages. $USDC - The proposed legislation aims for a bank-likeā¦ https://t.co/XwlCwzy6Bu https://t.co/z0knwYMXV4
šµ OPINION: A new proposed stablecoin bill in the U.S. Senate would create regulated and trusted dollar-based stablecoins. That might seem boring to crypto natives, but make no mistakeāit would be a huge boon for the crypto industry, writes @davidzmorris. https://t.co/ywlRQZqYwr
