Lummis and Gillibrand are responsible for regulating stablecoins.
Key Takeaways
- Senator Cynthia Lummis, known for her pro-Bitcoin stance, is working with Senator Kirsten Gillibrand to draft stablecoin legislation.
- The proposed legislation aims to establish regulatory clarity and investor protection for stablecoins with the support of leading financial regulators.
- While Lummis defended Bitcoin, he expressed caution about major stablecoins, emphasizing the need for a balanced approach to cryptocurrency regulation.
U.S. Senators Cynthia Lummis and Kirsten Gillibrand, well-known Bitcoin (BTC) advocates, are leading the bill. to make Legislative framework for stablecoins.
According to a report by Axios, their initiatives include: It was set up to provide regulatory clarity and investor protection to the stablecoin sector..
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The proposed legislation follows months of collaboration among senators. A robust regulatory environment for stablecoins; A digital currency designed to maintain consistent value by being linked to real-world assets.
This initiative technical support from key financial regulators; Includes the New York Department of Financial Services, the Federal Reserve, the Treasury, and the National Economic Council.
With positive response from various stakeholders, senators A formal announcement of the legislative effort is expected soon.
Senator Loomis He was a staunch supporter of Bitcoin., promotes its advantages as an autonomous financial tool that is not subject to the control of state authorities. However, her views on major stablecoins, especially Tether (USDT), have become more cautious.
By working to provide regulatory clarity and protect investors, this initiative marks an important milestone on the journey toward a more secure and stable cryptocurrency environment.
In other news Federal Reserve Chairman Jerome Powell argues that the United States is far from adopting a CBDC, emphasizing its lack of interest in privacy and surveillance.
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