US Senators Introduce Stablecoin Regulatory Framework, While Warren Wants Restrictions
US Senators Kirsten Gillibrand and Cynthia Lummis have introduced legislation for a regulatory framework for stablecoins, but Elizabeth Warren wants restrictions and control.
On April 17, the two pro-crypto Senators introduced the Lummis-Gillibrand Payment Stablecoin Act.
The bill “solves key policy challenges that have lingered around previous proposals and provides prudential regulation and added consumer protections to stablecoin issuers,” said Lummis, who added, “But above all, it allows innovation to prosper.”
The Senators have been drafting the bill for months as customer protections and proper custody practices for issuers came into focus following the fallout of the FTX collapse.
