US Senators Gillibrand, Lummis Set to Unveil a New Stablecoin Legislation
Senators Kirsten Gillibrand and Cynthia Lummis are set to introduce new legislation on stablecoins, aiming to eradicate malpractices and promote financial innovation.
The bill, expected to be unveiled at the Bitcoin Policy Summit in Washington, addresses ongoing disputes between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Gillibrand and Lummis previously advocated for the Responsible Financial Innovation Act, which proposed a comprehensive regulatory framework for crypto assets.
The new stablecoin bill aims to enhance industry integrity and allow nondepository institutions to issue stablecoins under strict regulatory conditions, ensuring industry safety and promoting innovation.
Gillibrand emphasizes the bill’s balanced nature and alignment with the interests of state entities and the crypto sector.
(With inputs from Shikha Singh)
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