“Gillibrand Suggested that Long-Awaited Stablecoin Bill Could Become Law Before The August Recess.”, – WRITE: www.coindesk.com
Speaking at the DC Blockchain Summit in Washington, DC on Wednesday, Gillibrand SAID THAT The Bipartisan Stablecoin Bill – Guiding and Establishing National Innovation For Us) Protections for Consumers in the Event of An Issuer Bankring Scenario.
“You have to think about the Ways this Can Go Wrong. Something as Simple as How You Define A Dollar-Is A Treasury The Same As A Dollar? What haps haps. RATE MISALIGNMENT LIKE SVB Just DID, AND YOU HAV A RUN ON YOUR STABLECOIN AND All Your Dollar-To-Dollar Backing Is In A Three-Month Treasury Collapse, ”Gillibrand Said.
If Dollar-Bacing Requirements Are not Met or Enforced, Gillibrand SAID: “You’ll JUV Another FTX. You’ll JUVT HAVE AnOOTHERTHORITHMIC STALONCOIN DEENCOIN THAT ITEYTEYUUUS BUNESUUUSUUSEUSEUSEUSEUSEUSEUSEUSEUSEUSEUSEUSEUSEUSE Huge Problem for the US Market. ”
“The Worst We Could do is a Water It Down,“ Gillibrand Said. “Do not Think that a watered-down Bill Will Help Your Industry. It Will Destroy Your Industry. Because One More SVB, One More Algorithmic Stablecoin [collapse]just Continues to Create Such Uncertainty that Nobody Wants to do Business in the United States. ”
After Years of False Starts, Stablecoin Legislation Appears to Finally Be Gaining Momentum. Earlier this month, The US Senate Banking Committee Voted to Advance the Genius Act to a Senate-Wide Vote. A Similar Bill From The US House of Representatives is Expert to Go Public On Wednesday.
Read More: US House Stablecoin Bill Poured to Go Public Lawmaker Atop Crypto Panel Says
Gillibrand SAID THAT IF CONGRESS IS ABLE TO THE GENIUS ACT SIGNED INTO LAW, IT IS THEN MORE LIKELY TO BE ABLE TO MAKE PROGRESS ON A Market Structure Bill.
“A Market Structure Bill is Much More Complex. It Regulates the Entire Industry, Not Just One Version of A Digital Asset,” Gillibrand Said. “SO IT’S REALLY IMPORTANT THAT WE DO THIS RIGHT SO we can move to something Much Bigger, and someting We Need to Build Even Broader Consensus AUND.”
A Market Structure Bill Wuld Create a Regulatory Framework for the Crypto Industry as A Whole, Giving Crypto Companies and Digital Asset Issuers Cleerer Roarer ROADES OF THE ROADES OF THE ROADS Their tokens are securities or not – and therefore, who thermary regulator is.
Speaking on the Same Panel, Sen. Bernie Moreno (R-Ohio) Suggested that Any Digital Asset With A Centralized Issuer Is Likely to Be A Security, Not A Commodity.
“IF Your Digital Currency Has A CEO IS NOT A COMMODITY, by Definition,“ Moreno Said.
Durying Another Panel Discussion at the Same Event on Wednesday, Sen. TIM Scott (Rs.c.), SAID The FUTURE Market Structure Bill Wuld be Need to “Find a Way to Create a Structure That Works Beyond the Two Majoor Categories” of Security Vs. Commodity.
Moreno said he was Wanted to see the Genius Act Passed Before The August Recess.
“I’M Gonna Lay Out the Gauntlet – Let’s Get this Done by August Recess, What do You Think? Markets Structure, Genius Act, [Strategic Bitcoin Reserve]All Done by August, ”Moreno Said.
Gillibrand Tempered Expectations, Telling Moreno Thatre Was No Way to Get A Market Structure Bill Done by August, But That Congress Is “Definitely Going To -Freablein Amended, Even Beng The Easter Recess in April, “If We’re Really Productive.”
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