The digital currency advocacy group Coin Center has strongly opposed the Lummis-Gillibrand Payment Stablecoin Act, saying it ‘would impermissibly infringe upon constitutional rights.’ The bipartisan bill, which has the support of Senators Kirsten Gillibrand and Cynthia Lummis, is meant to regulate the payment of stablecoins. The lobbying group Coin Center claims the bill’s prohibition on algorithmic stablecoins would be a violation of the First Amendment by targeting the code comprising digital assets.
The Director of Coin Center, Jerry Brito, welcomed the decision to regulate stablecoins. He noted the fact that there are opportunities for the development of innovation within a clear legislative framework. The bill requires the issuance of a dollar stablecoin only by issuaries adopted in the United States. Coin Center interprets the bill as an opportunity to register with the SEC for issuers of stablecoins, rather than as a ban.
Coin Center Critiques Senate’s Stablecoin Regulat
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