Coin Center Criticizes US Stablecoin Legislation
The advocacy group Coin Center has opposed the revised bill on payment stablecoins, describing it as “unconstitutional.” The legislation prohibits unsecured algorithmic “stablecoins” and introduces anti-money laundering measures. It requires issuing firms to maintain reserves of cash and equivalents at a one-to-one ratio to back the tokens. If approved, the bill will empower federal and […]