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The Lummis-Gillibrand stablecoin bill has sparked significant debate over its impact on the U.S. dual-banking system, with critics arguing that it grants excessive federal control over state-chartered stablecoin issuers. Key figures such as Jack Solowey and Jennifer Schulp from the Cato Institute have voiced concerns that the bill could undermine decentralized governance in the payment system, expressing their opinions in a CoinDesk article titled 'Stablecoin Legislation Must Respect the Dual-Banking System'. Despite these criticisms, U.S. Senate Majority Leader Schumer has shown interest in including stablecoin regulations in the FAA bill, although GOP leadership has rejected this along with cannabis banking reform.
The Lummis-Gillibrand stablecoin bill subordinates state regulation to federal control, giving Washington too much power over which entities can issue these important digital assets, say @JackSolowey and @jenniferjschulp at the @CatoInstitute. Opinion. https://t.co/TL3JBLwMAm
https://t.co/aXduZ1rr9L This does, just as there are 'state-chartered' banks with federal supervision. At some point stablecoin legislation needs to happen, or some start to federal legislation that not everyone will like, to save the #crypto industry from the status quo.
GOP leadership rejected Schumer’s push to include cannabis banking reform and stablecoin regulation in the FAA reauthorization. And @BrendanPedersen has more on how that ties into other stablecoin efforts: https://t.co/Rq6TEChmbv
