Senators Unveil Plans for Stablecoin Legislation at Bitcoin Policy Summit
At the Bitcoin Policy Summit held at the National Press Club in Washington on April 9, Senator Kirsten Gillibrand of New York disclosed forthcoming stablecoin legislation plans.
The goal is to align with Bitcoin’s original vision as a viable payment method. Partnering with Senator Cynthia Lummis of Wyoming, Gillibrand emphasized fostering growth and innovation within the crypto industry through this legislation.
The proposed stablecoin legislation aims to ensure regulatory oversight to curb bad actors while unlocking the potential of crypto and Bitcoin as a payment means. Last year, Lummis and Gillibrand reintroduced the Responsible Financial Innovation Act to establish a regulatory framework for all crypto assets.
Additionally, the new stablecoin legislation seeks to authorize federal and state regulators to supervise stablecoin issuers, fostering safety and stability. Gillibrand highlighted collaboration with the Fed, Treasury, and New York State Department of Financial Services to promote safety in allowing non-depository institutions to issue stablecoins.
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Emphasizing a balanced approach, Gillibrand aims to address federal, state, and industry interests by creating distinct paths for stablecoin issuers. Negotiations continue for bipartisan and bicameral support to advance the legislation, recognizing stablecoins as a foundational step to unleash crypto asset potential.
Chairman Patrick McHenry and Ranking Member Maxine Waters of the House Financial Services Committee are crucial for bipartisan support, as echoed by McHenry at the Bitcoin Policy Summit. He highlighted stablecoins’ significance as a critical first step towards comprehensive crypto regulation in the United States.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
