Senator Kirsten Gillibrand (Democratic Party) from New York has introduced legislative changes on the issue of regulating stablecoins.
Speaking at a summit to discuss US cryptocurrency policy, Senator Gillibrand said the new legislation will focus on increasing the use of cryptocurrencies and innovation in the crypto industry.
She said that a key goal of the new bill is to ensure that cryptocurrencies fulfill the original function of Bitcoin as a viable payment method. Gillibrand, along with Wyoming Senator Cynthia Lummis (R), plan to introduce the bill in the Senate this week.
The senators' announcement at the summit marks a turning point in cryptocurrency regulation. According to Forbes, the bill would seek to provide regulatory oversight to reduce the risk of fraud.
According to the senators' comments, the Stablecoin Act would "unlock the potential of cryptocurrency and Bitcoin's original purpose as a means of payment."
In the midst of heavy-handed regulatory action against companies like Coinbase and Binance, this legislative effort is timely. The legislation also addresses ongoing disputes between two regulators, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), who are at odds over the classification and control of cryptocurrencies.
Last year, the same senators introduced the Responsible Financial Innovation Act, which aims to create a comprehensive regulatory framework for all cryptoassets.
The new stackcoin bill develops a framework that would allow federal and state regulators to control stackcoin issuers. These issuers can be depository institutions or non-depository institutions. The controls are intended to promote security and stability in the industry.
Kirsten Gillibrand commented, "We worked with the Fed, the Treasury Department and the New York State Department of Financial Services to ensure that non-depository institutions can issue stablecoins while ensuring the safety and soundness of the industry.
The crypto regulations were crafted with the need for a balanced approach that takes into account the interests of all stakeholders first and foremost. By creating two different paths for steblecoin issuers, the legislation aims to provide regulatory clarity. The law will also preserve the government's role as the primary regulator of non-bank institutions.
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