Fun

Pro-Bitcoin Senator Cynthia Lummis pushes stablecoin bill

News Feed - 2024-03-08 07:03:06

Helen Partz13 hours agoPro-Bitcoin Senator Cynthia Lummis pushes stablecoin billPro-Bitcoin Senator Cynthia Lummis is drafting regulations for stablecoins after attacking major stablecoin firm Tether in 2023.20967 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksPro-Bitcoin (BTC) United States Senator Cynthia Lummis is drafting regulations for stablecoins, a type of cryptocurrency pegged to real-world assets to ensure stable prices.


Lummis has been working jointly with Senator Kirsten Gillibrand for several months on a bill aiming to provide regulatory clarity for stablecoins and protect investors, the U.S.-based news agency Axios reported on March 7.


Citing several spokespeople for Lummis and Gillibrand’s offices, the report notes that the senators hope to officially announce the news following encouraging feedback from multiple stakeholders.


The New York Department of Financial Services, the Federal Reserve, the Treasury Department and the National Economic Council have provided technical assistance on the Senate bill, the report mentioned. Lummis and Senator Kirsten Gillibrand at the DC Blockchain Summit in 2022. Source: Axios


For Lummis and Gillibrand, the work on stablecoin regulation would not be their first foray into drafting cryptocurrency-related legislation. In July 2013, the senators announced a joint effort to reintroduce legislation aimed at establishing a comprehensive regulatory framework for digital assets.


Lummis has emerged as a major pro-Bitcoin lawmaker in the U.S., advocating for Bitcoin multiple times.


In October 2021, Lummis urged the U.S. government to “thank God for Bitcoin” amid U.S. President Joe Biden approving another raise of the country’s debt limit. Lummis called on the U.S. government to take advantage of Bitcoin because it is decentralized and not controlled by any government.


Lummis is also known for accumulating significant amounts of Bitcoin, buying BTC in batches of $50,000 and $100,000 in 2021.


While bullish on Bitcoin, Lummis has grown skeptical about some major stablecoins recently, including Tether (USDT), the largest stablecoin by market capitalization and the most traded cryptocurrency at the time of writing.


Related:UK regulations will allow stablecoins and CBDCs to coexist, says former BoE fintech lead


In October 2023, Lummis backed a massive campaign against Tether, asking the U.S. Justice Department (DOJ) to consider criminal charges against the stablecoin firm amid some reports alleging that it engaged in illicit financial transactions. Tether subsequently reacted to lawmakers’ requests for DOJ action, claiming it wants to be a “world class partner” to U.S. regulators.


Most recently, Lummis has also been aggressively opposing central bank digital currencies, arguing that such digital currencies are “anti-democratic and a means of financial censorship.”


Magazine:The DeFi bots pumping Solana’s stablecoin volume# Bitcoin# Cryptocurrencies# United States# Tether# Stablecoin# RegulationAdd reactionAdd reaction

News Feed

SUI Cloud Zones Tell A Story — And The Next Chapter Could Be Parabolic
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin, Ethereum Technical Analysis: BTC Below $19,000 Following FOMC Minutes
Bitcoin, Ethereum Technical Analysis: BTC Below $19,000 Following FOMC Minutes Bitcoin was trading below $19,000 on Thursday, as markets reacted to the latest Federal Open Market C
US Crypto Lawsuits Reach All-Time High With 42% Increase in 2022; SEC Cases Dominate Legal Battles
US Crypto Lawsuits Reach All-Time High With 42% Increase in 2022; SEC Cases Dominate Legal Battles A new study on digital currency-related lawsuits since 2018 shows a 42% increase
CEO: Coinbase Has Earned $2 Billion in Transaction Fees Since 2012
Coinbase has earned more than $2 billion in transaction fee revenue since launching in 2012, according to CEO Brian Armstrong. Speaking onstage at a Vanity Fair event, Armstrong sai
David Attlee14 hours agoDemocratic Party of South Korea mandates parliamentary candidates disclose crypto holdingsThe disclosure will be a part of the party’s effort to show the “high moral standards” of its candid
Tristan Greene3 hours agoElon Musk’s lawyers respond to motion to kick Tesla team off Dogecoin case: ‘Waste of this court’s time’The strongly worded legal filing comes in response to an attempt to have Tesla’s
After The Bitcoin Crash: Will It Rise Or Drop Again? 5 Key Indicators
Este artículo también está disponible en español. In the aftermath of yesterday’s Bitcoin crash, market participants are closely examining whether the leading cryptocur
Arijit Sarkar30 minutes agoBlackBerry reveals top crypto-focused malware amid rising cyber threatsSmokeLoader, RaccoonStealer (also known as RecordBreaker) and Vidar top the charts, according to BlackBerry’s list.252 T
Pornhub Accepts Bitcoin: Top Adult Site Expands Cryptocurrency Payment Options
Pornhub Accepts Bitcoin: Top Adult Site Expands Cryptocurrency Payment OptionsPornhub now accepts bitcoin as the platform expands its cryptocurrency payment options. The leading adu
Crypto Exchange Gemini Adds Shiba Inu Support — SHIB Investors Hopeful Robinhood Will Be Next
Crypto Exchange Gemini Adds Shiba Inu Support — SHIB Investors Hopeful Robinhood Will Be Next Another major cryptocurrency exchange has added support for the meme cryptocurrency
Still Sleeping On XRP? Analyst Says $8 Breakout Is ‘Just Waiting’
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Tom Mitchelhill8 hours agoFTX sues Sam Bankman-Fried and other former execs to claw back $1BFormer FTX and Alameda Research executives Sam Bankman-Fried, Caroline Ellison, Gary Wang and Nishad Singh were named in the sui