The newly proposed stablecoin bill by U.S. Senators Cynthia Lummis and Kirsten Gillibrand has sparked significant debate. The legislation aims to establish clear definitions for the issuance of dollar-pegged digital assets. However, it has faced criticism from various quarters, including Coin Center, which argues that the bill stifles technological innovation, breaches the First Amendment, and may be unconstitutional due to its provisions against algorithmic payment stablecoins. Additionally, the bill is seen as potentially beneficial for issuers, possibly sparking mergers and acquisitions, according to TD Cowen.
Congressional stablecoin legislation is drawing cheers from the crypto industry — and criticism from the traditional finance world https://t.co/GsW67lEvfb
Congressional stablecoin legislation is drawing cheers from the crypto industry — and criticism from the traditional finance world https://t.co/mZZ6HnQO6I
Lummis-Gillibrand stablecoin bill is beneficial for issuers and could 'spark M&A': TD Cowen https://t.co/Dv0EVGO7VI
Stablecoin legislation has dominated the DC #crypto policy landscape. If you're looking to understand the differences in the major proposals, we created one here: https://t.co/0Tuw5yOalP 1) Senate: Lummis-Gillibrand PSA 2) House: McHenry Clarity for Payments Stablecoin Act
Coin Center says the recently proposed stablecoin bill from Senators Cynthia Lummis and Kirsten Gillibrand may be "unconstitutional" due to its ban on algorithmic payment stablecoins https://t.co/Hr6pjl9wSl
It’s been a big couple of weeks for crypto legislation, but there are still major obstacles for lawmakers to navigate. Pssst, one is money laundering. @BrendanPedersen digs into stablecoin reform's next hurdle: crime. https://t.co/b0wXgNcmNK
From THE VAULT: The IRS’ Danny Werfel makes a bid to win Washington’s trust, stablecoin reform hits another hurdle, the data broker bill heads to the Senate and more. @LauraEWeiss16 and @BrendanPedersen in this week's Lookahead: https://t.co/v0uQM7YPEc
U.S. Sens. Cynthia Lummis and Kirsten Gillibrand introduced a new stablecoin bill this week, hoping to create definitions for who can issue dollar-pegged digital assets and how. https://t.co/IWosiI1P1d
Lummis-Gillibrand #Stablecoin Bill Criticized by Coin Center for Stifling Tech Innovation https://t.co/g6m1gf4bDF
New #Stablecoin Bill Faces Criticism for Stifling Innovation and Breaching First Amendment https://t.co/g6m1gf4bDF