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Senators Gillibrand and Lummis have introduced the US Payment Stablecoin Act, aiming to regulate US Treasury-backed stablecoins as legal tender. The bill, supported by @SenGillibrand and @gillibrandny, seeks to establish a clear framework for stablecoins, ensuring consumer protection and requiring stablecoins to be backed by 100% hard currency. However, concerns arise as the bill might impose restrictions on decentralized stablecoins like MakerDAO's DAI and might necessitate Know Your Customer (KYC) compliance. Critics argue that while the bill could benefit the Ethereum network, it might negatively impact American stablecoin companies and restrict the development of certain stablecoins like DAI and sUSDe.
.@ForbesCrypto Digital Assets Director of Research @Steven_Ehrlich joined @JillMalandrino to discuss what the latest stablecoin bill could mean for the digital assets industry. Watch the full video: https://t.co/Hd3wuECIKb https://t.co/sdKJpxsefy
Great short write-up on crypto regulation (or lack of direction) that's worth reading Chris Dixon always interesting to read Not even sure memecoins are a big part of the SEC regs thinking tbh. But they might be. Not close enough to it to judge If they are, pretty ironic wen… https://t.co/ntFKT2Jc2v
I wrote an oped in @FT. My goal isn't to defend or to diminish memecoins. It’s to point out the backward incentives of a regulatory regime in the US that lets only memecoins thrive — while companies and tokens with more productive uses face hurdles. https://t.co/0XSXlqfEJX
