.SenGillibrand said she’s working with other U.S. senators to get out a last-minute stablecoin bill as the congressional session winds to a close. jesseahamilton reports
Sen. Kirsten Gillibrand said the latest effort on a stablecoin regulatory bill is coming soon, and she hopes it can get some attention before Congress transitions into its new session next year.
She’s working with Republican Senators Patrick Toomey and Cynthia Lummis on “unique” legislation that will establish U.S. rules of the road for the tokens, she said Wednesday. “This bill we’re working on now – and we hope to introduce it in the next few weeks – would be a comprehensive stablecoin bill that we would ask to at least get a hearing in [the Senate Banking Committee] and maybe get a vote by the end of the Congress,” she said at a Blockchain Association policy event in Washington. Gillibrand and Lummis were the authors of one of thethis year, and this would represent a small piece of that larger effort.
Stablecoins such as Tether’s USDT and Circle Internet Financial’s USDC are typically tied to steady assets such as the dollar, and they occupy a central role in the cryptocurrency industry. U.S. lawmakers have widely agreed that this sector may be one they can get an initial handle on while still working on wider industry oversight.Financial Services Committee, though it hasn’t yet emerged as a full-fledged bill.
Getting a crypto bill through the Banking Committee could also run into heavy suspicion from the panel’s chairman, Sen. Sherrod Brown , who this week said that cryptocurrencies still don’t offer “anything useful or beneficial.” Republicans had hoped to replace Brown and other Democratic committee chairs in the election this month, but the Democrats maintained a narrow majority.to Brown, Toomey, Rep. Maxine Waters , who chairs the House Financial Services Committee, and Rep.
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