Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnAISquareMore
U.S. Senators Propose New Stablecoin Bill to Ban Algorithmic Stablecoins

U.S. Senators Propose New Stablecoin Bill to Ban Algorithmic Stablecoins

2024/04/17 09:23

ChainCatcher news, according to The Block, U.S. Senators Kirsten Gillibrand and Cynthia Lummis have proposed a stablecoin bill.

The bill would require stablecoin issuers to hold a one-to-one reserve of cash or cash equivalents to back their tokens, ban unbacked algorithmic stablecoins, and state that neither issuers nor users can use stablecoins for illegal or illegal purposes such as money laundering. Unauthorized purposes.

The bill also intends to establish a federal and state regulatory regime for stablecoin issuers to maintain a dual banking system and would give federal and state entities authority regarding the chartering and enforcement of stablecoins.

0
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.
Trade now!

You may also like

Netflix (NFLX.US) downgraded twice in one week: HSBC cites YouTube competition, Wells Fargo concerns about engagement and content strategy

HSBC analyst Mohamed Kalouf downgraded the rating of streaming giant Netflix (NFLX.US) from "Buy" to "Hold," and lowered the target price by 21% to $76.

智通财经2026/09/23 01:56