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互联金源

06/08 08:30

#BigTechStablecoin The Lummis-Gillibrand Payment Stablecoin Act aims to regulate stablecoins in the US, addressing concerns about Big Tech firms entering the payments space. Key provisions include1 2: - *Stablecoin Issuance*: Only financial businesses can issue stablecoins, excluding Big Tech companies like Meta, Google, Amazon, and X. - *Reserve Requirements*: Stablecoin reserves must be held in cash, bank deposits, short-term Treasury bills, and certain types of repo agreements. - *Regulatory Oversight*: The Federal Reserve and state regulators will oversee stablecoin issuers, with larger stablecoins requiring stricter regulations. - *Ban on Algorithmic Stablecoins*: The bill proposes to ban algorithmic stablecoins due to concerns about their stability and potential risks. The bill also addresses the treatment of stablecoin issuers in insolvency proceedings and requires subcustodians to safeguard reserves for smaller stablecoin issuers. Existing stablecoin issuers like Circle, Paxos, and Gemini may need to adapt to these new regulations.

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