Senator Cynthia Lummis Drafts Key Bill for Stablecoin Regulation
U.S. Senator Cynthia Lummis and Senator Kirsten Gillibrand are collaborating on a draft legislation to formalize the regulatory framework for stablecoins, aiming to provide investors with security. The bill has received support from financial institutions such as the New York Department of Financial Services, the Federal Reserve, the Treasury Department, and the National Economic Council.
Lummis and Gillibrand are well-versed in cryptocurrency legislation, having previously declared a combined effort in July 2013 to establish a full-fledged regulatory system for digital assets.
Their commitment to stablecoin regulation is another step in their commitment to determining the future of crypto in America.
Lummis, a Bitcoin advocate, highlighted its advantages over conventional financial systems in October 2021, highlighting its decentralized nature as a redeeming quality. She has also invested in Bitcoin, acquiring large quantities in 2021.
(With inputs From Shikha Singh)
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