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Senator Kirsten Gillibrand has announced plans to introduce a new bill focusing on stablecoins, signaling a significant step forward in regulating cryptocurrency markets.
The New Stablecoin Bill is Expected to be Introduced in the Senate This Week
Speaking at the Bitcoin Policy Summit held at the National Press Club in Washington, Senator Gillibrand announced that negotiations are continuing and that she and Senator Cynthia Lummis expect to introduce the bill this week or next week.
The proposed legislation aims to address concerns surrounding stablecoins while encouraging innovation and growth in the crypto industry.
Senator Gillibrand emphasized the importance of unlocking the potential of crypto and returning to the original vision of Bitcoin as a valid means of payment.
He emphasized collaboration with federal and state regulatory agencies, including the Federal Reserve, Treasury and the New York State Department of Financial Services, to ensure safety and soundness in the industry.
The bill builds on the foundation laid by the Lummis-Gillibrand Responsible Financial Innovation Act, which was reintroduced last year and aims to create a comprehensive regulatory framework for all crypto assets.
Gillibrand emphasized the need for oversight to root out bad actors while facilitating innovation and growth.
Key provisions of the new stablecoin legislation include requirements for issuers to hold reserves at a one-to-one ratio and the creation of two distinct pathways for stablecoin issuers.
Both federal and state-based depository institutions will be eligible to become stablecoin issuers following an approval process.
Meanwhile, non-depository institutions would fall under federal oversight authority and states would retain regulatory oversight. Senator Gillibrand underscored the bipartisan nature of the bill, emphasizing the importance of collaboration between federal, state and industry stakeholders.
*This is not investment advice.