2024

Supremacy

BlackRock

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Two US senators, a Republican and a Democrat, have just proposed a bill to regulate stablecoins.</li>
 <li>The move comes amidst a push in the House and Senate to pass the legislation starting next month.</li>
</ul>
<p>According to the latest reports coming from <a href="https://www.bloomberg.com/news/articles/2024-04-17/senators-tout-new-stablecoin-bill-as-broader-banking-deal-eyed?utm_campaign=socialflow-organic&amp;utm_source=twitter&amp;utm_content=crypto&amp;utm_medium=social&amp;embedded-checkout=true" rel="noopener noreferrer nofollow" target="_blank">Bloomberg</a>, two US senators, Democrat Kirsten Gillibrand and Republican Cynthia Lummis, have just proposed a measure to regulate stablecoins. This move comes as there’s a push in the House and Senate to pass the legislation next month.</p>
<p>Lummis and Gillibrand said that this bill would offer consumers and the US dollar protection while bringing payment innovations.</p>
<p>Bloomberg also reported that it’s not yet clear whether the measure will satisfy Banking Chairman Sherrod Brown, who addressed tying a stablecoin bill to a broader package that would allow banks to do business with marijuana companies.</p>
<p>Gillibrand stated that the bill would protect consumers by “mandating one-to-one reserves, prohibiting algorithmic stablecoins, and requiring stablecoin issuers to comply with US anti-money laundering and sanctions rules.”</p>
<p>The bill was reportedly drafted with support from the Federal Reserve, the Treasury Department, the Federal Deposit Insurance Corporation, and New York and Wyoming regulators.</p>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 <p lang="en" dir="ltr">Two senators are proposing a measure to regulate stablecoins amid a push in the House and Senate to pass such legislation as soon as next month <a href="https://t.co/0ZU1843d7o" rel="noopener noreferrer nofollow" target="_blank">https://t.co/0ZU1843d7o</a></p>
 <p>— Bloomberg Crypto (@crypto) <a href="https://twitter.com/crypto/status/1780536193827942731?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">April 17, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 id="keeping-the-us-in-global-financial-innovation-leadership">Keeping the US in global financial innovation leadership</h2>
<p>Lummis, who is known to be a crypto advocate, said that passing the solution will be crucial to maintaining the US dollar dominance and making sure that the US remains the world leader in financial innovation.</p>
<p>Apart from setting rules for stablecoin issuers, the bill would also create a mechanism for PDIC conservatorship and resolution if an issuer were to become insolvent.</p>
<p>According to the backers of the measure, stablecoins are able to allow near-instant payments globally with lower fees compared to traditional payment networks. They also believe that regulation is required to support the US dollar’s use for digital transactions.</p>
<p>The bill would allow state trust companies to create and issue payment stablecoins up to $10B. However, federal and state depository institutions would be allowed to issue any amount.</p>
<p>The US has recently shown support and high interest in digital assets, with the SEC approving the <a href="https://crypto.ro/en/news/telegram-ceo-bitcoin-tech-can-fight-govt-surveillance/" rel="noopener noreferrer nofollow">Bitcoin</a> ETFs at the beginning of this year. BTC ETFs saw huge success, with <a href="https://crypto.ro/en/news/blackrocks-spot-bitcoin-etf-is-the-fastest-growing-ever-larry-fink-says/" rel="noopener noreferrer nofollow">BlackRock</a> leading the way via their product, IBIT.</p>
<p>The move was shortly followed recently by Hong Kong, which has just <a href="https://crypto.ro/en/news/hong-kong-approves-bitcoin-ethereum-etfs/" rel="noopener noreferrer nofollow">approved</a> both Bitcoin and Ethereum types of ETFs, a move that brought a much-needed strong dose of optimism in the crypto industry amidst a market with high volatility two days ahead of the <a href="https://crypto.ro/en/news/bitcoin-halving-potential-price-accumulation-still-in-the-cycle/" rel="noopener noreferrer nofollow">Bitcoin halving</a>.</p>

US-Proposed Bill Could Ban Algorithmic Stablecoins In Supremacy Fight

Inhaltsverzeichnis

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