Kirsten Gillibrand: "We are preparing a new bill on the regulation of stablecoins"
The bill provides for the possibility of issuing digital stable coins for depositary and credit financial institutions, as well as non-banking institutions - after passing the procedure for approval by government bodies
During the presentation at the Bitcoin Policy Summit, Senator from New York announced that the US Congress will soon begin considering a new bill on the regulation of the issuance and circulation of stablecoins.
Kirsten Gillibrand, in collaboration with Senator from Wyoming Cynthia Lummis, prepared the project in cooperation with experts from the Federal Reserve System and the Department of Financial Services of New York State. "The new bill is the result of a compromise based on common sense," said the senator. "It balances the interests of federal authorities, state authorities and interested market participants, which means it will stimulate innovation in the cryptocurrency industry," she assured.
The bill provides for the possibility of issuing digital stable coins for depositary and credit financial institutions, as well as non-banking institutions - after passing the procedure for approval by government bodies. Federal authorities are granted predominant authority and supervisory powers over banking and non-banking institutions, while states retain their role as the main functional regulator. If the law is adopted, it will not only lay the groundwork for the positive potential of the digital assets industry but also provide conditions for integrating bitcoin into the US financial system, believes Kirsten Gillibrand. Last year, Kirsten Gillibrand and Cynthia Lummis joined forces to work on bills aimed at clarifying the regulation of cryptocurrencies.
