Coinspeaker
US Senators Introduce Bill Prohibiting Unbacked Algorithmic Stablecoins
United States Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) may have just introduced a new stablecoin bill today. Tagged the Lummis-Gillibrand Payment Stablecoin Act, the bill seeks first to ensure that stablecoin issuers have their tokens fully backed. That is, their token reserves must either be one-to-one in cash or in cash-equivalent.
It also prohibits algorithmic stablecoins that do not have verifiable backing. Furthermore, the bill also disallows anyone, including issuers and users, from using stablecoins for illicit activities such as money laundering and other related acts.
Lummis-Gillibrand Payment Stablecoin Act to Help Dollar Dominance and Foster Innovation
Primarily, the Lummis-Gillibrand Payment Stablecoin Act establishes a framework that ensures that issuers back their tokens 1:1, prohibits unbacked algorithmic stablecoins, and exerts anti-money laundering rules
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