Congresspeople speak out against Tlaib's anti-stablecoin bill
But the bill is unlikely to become law any time soon. On Wednesday night, Congresswoman Rashida Tlaib introduced a bill before the U.S. House of Representatives looking to make fiat-pegged stablecoin operators abide by the same rules and registration requirements expected of banks.The legislation, under the name “the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act,” sets out a fresh and extremely expansive definition of stablecoin. It furthermore dictates a series of limitations that outlaw stablecoin issuance for any entity that is not “an insured depository institution....
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Rep. Rashida Tlaib, Rep. Stephen Lynch and Rep. Jesus Chuy Garcia have introduced a bill that would require stablecoin issuers to secure bank charters and either obtain FDIC insurance or maintain full reserves to operate in the U.S.
Pro-crypto organization Coin Center is pushing against a new legislative bill targeted at regulating stablecoin use and operations. In a public statement released on Friday, the US-based advocacy group heavily criticized the Lummis-Gillibrand Payment Stablecoin Act, describing it as “unconstitutional” and anti-innovation. Related Reading: ‘Ethereum Wins Big’ With New US Stablecoin Draft Bill: Expert Latest […]
Multiple United States congresspersons recently expressed their displeasure at the OCC's focus on crypto this year. Brian Brooks, the former Coinbase executive turned leader of the U.S. Office of the Comptroller of the Currency, or OCC, recently received a letter from multiple members of Congress expressing concerns over his crypto-heavy leadership. The letter, from Stephen Lynch and Rashida Tlaib, two congresspeople for Massachusetts and Michigan respectively, also holds signatures from Jesús García, Deb Haaland, Barbara Lee and Ayanna Pressley — representatives from Illinois, New Mexico,....
Time to Make Stablecoins Great Again – unless you’re Tether. The world’s largest stablecoin, with a $120B market cap, looks like it could be left hanging after the US Senate moved to introduce the GENIUS stablecoin bill. The bill focuses heavily on improving protections for US consumers, and edges the playing field for US-domiciled stablecoin […]
A new bill introduced to Congress seeks to control the entire stablecoin industry by requiring all related activities to obtain federal approval first A new bill, introduced to US Congress on Wednesday night, could enforce blanket regulation on all stablecoins. If passed, any service provided in relation to these types of cryptocurrencies would become illegal without first receiving approval by multiple government bodies:"It shall be unlawful for any person to issue a stablecoin or stablecoin-related product, to provide any stablecoin-related service, or otherwise engage in any....