Stablecoin

Based

Chair

Passage

Flare

The chairman of the Senate Banking Committee, Sherrod Brown, wants to add compatibility to a stablecoin bill with other unrelated legislation in order to improve its chances of passing. Apart from giving his views on the system, Brown would also be protecting the crypto space by moving this legislation forward. 
Based on <a href="https://news.bloomberglaw.com/privacy-and-data-security/push-for-stablecoin-law-gets-surprise-boost-from-sherrod-brown" target="_blank" rel="noopener" data-wpel-link="external">Bloomberg</a>, Brown may support a bill on stablecoins if it is included in a package that enables banks to serve marijuana businesses and imposes clawback provisions on executives at failing investment firms. 
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 “Many of them are operating as financial institutions without coming in under the rules,” <a href="https://twitter.com/SenSherrodBrown?ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">@SenSherrodBrown</a> says about stablecoin regulation. “We want them to explain why they aren’t under consumer protections and… why they’re not a risk to the financial system as a whole.” More: <a href="https://t.co/Z0HhS7JL6D" target="_blank" data-wpel-link="external">pic.twitter.com/Z0HhS7JL6D</a>— Yahoo Finance (@YahooFinance) <a href="https://twitter.com/YahooFinance/status/1488563550331322371?ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">February 1, 2022</a>
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The U.S. legislature has struggled to pass crypto regulation designed to provide bipartisan stability. A bill has been proposed in both chambers, and the House also moved one out to the committee in July 2023. 
Beyond considerations of political leadership and performance in office, the upcoming electoral year will create another layer of complexity. Policymakers will have to navigate the interests of pro-crypto and anti-crypto voters when running for election. Additionally, there are plans for significant leadership changes, as the incumbent Chair of the House Financial Services Committee is not running for re-election. 
Brown is also facing a democratic challenger, Bernie Moreno, in the Ohio Senate race. The results of these elections could have significant consequences for crypto laws in the coming years. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/04/17/iraqs-flare-gas-capture-plan-fuels-crypto-mining-speculation/" data-wpel-link="internal">Iraq’s Flare Gas Capture Plan Fuels Crypto Mining Speculation</a> 
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Senate Chair Proposes Combining Stablecoin Bill for Passage

The Crypto Times

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