On a typical Wednesday in Washington, US Senators Cynthia Lummis and Kirsten Gillibrand took a significant step forward in the regulation of cryptocurrencies, introducing a new law focused on stablecoins.
The law aims to establish clear guidelines for the issuance of digital assets with a nominal value in dollars, filling a critical gap in the rapidly evolving cryptocurrency market regulatory framework.
The essence of the US senators’ Stablecoin law
Stablecoins are digital currencies designed to maintain a stable value by being pegged to traditional assets, typically the US dollar. The main appeal of stablecoins, such as USDC and Tether, lies in their ability to provide stability in the volatile cryptocurrency market, making them an ideal tool for transactions and storing value. However, the lack of specific guidelines is a long-standing issue, posing risks for users and the financial system as a whole.
The bill proposed by Senators Lummis (R-Wyo.) and Gillibrand (D-N.
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