{"id":12782,"date":"2024-04-22T10:05:58","date_gmt":"2024-04-22T07:05:58","guid":{"rendered":"https:\/\/forklog.com\/en\/coin-center-criticizes-us-stablecoin-legislation\/"},"modified":"2024-04-22T10:05:58","modified_gmt":"2024-04-22T07:05:58","slug":"coin-center-criticizes-us-stablecoin-legislation","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/coin-center-criticizes-us-stablecoin-legislation\/","title":{"rendered":"Coin Center Criticizes US Stablecoin Legislation"},"content":{"rendered":"<p>The advocacy group Coin Center <a href=\"https:\/\/www.coincenter.org\/senate-bill-risks-innovation-and-free-speech-with-stablecoin-ban\/\">has opposed<\/a> the revised bill on payment stablecoins, describing it as &#8220;unconstitutional.&#8221;<\/p>\n<p>The legislation prohibits unsecured algorithmic &#8220;stablecoins&#8221; 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.<\/p>\n<p>If approved, the bill will empower federal and state authorities to regulate and enforce stablecoin laws.<\/p>\n<p>Coin Center argues that the proposed framework could stifle the development of the US cryptocurrency industry. <\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;It might make sense to require issuers like Terra to register with the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> and provide appropriate disclosures [\u2026], but an outright ban on a particular business model is unnecessary and anti-innovation. If someone can comply with securities laws, they should be able to bring a product to market,&#8221;<\/em> the statement reads.<\/p>\n<\/blockquote>\n<p>The organization stated that banning algorithmic stablecoins &#8220;effectively amounts to a ban on code,&#8221; which threatens the constitutional guarantees of free speech in the United States.<\/p>\n<p>Coin Center suggested that Congress revert to a previous bill that proposed a two-year moratorium on issuing such assets instead of the current permanent ban. It did not apply to existing projects.<\/p>\n<p>Earlier, another nonprofit, the Blockchain Association, proposed considering feedback from its staff when reviewing the stablecoin bill.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">The following statement is attributed to <a href=\"https:\/\/twitter.com\/BlockchainAssn?ref_src=twsrc%5Etfw\">@BlockchainAssn<\/a> CEO <a href=\"https:\/\/twitter.com\/KMSmithDC?ref_src=twsrc%5Etfw\">@KMSmithDC<\/a> following today&#8217;s release of the Lummis-Gillibrand Payment Stablecoin Act: <a href=\"https:\/\/t.co\/7raPu2la2s\">pic.twitter.com\/7raPu2la2s<\/a><\/p>\n<p>\u2014 Blockchain Association (@BlockchainAssn) <a href=\"https:\/\/twitter.com\/BlockchainAssn\/status\/1780594152012415041?ref_src=twsrc%5Etfw\">April 17, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Back in October 2023, one of the document&#8217;s co-authors, Cynthia Lummis, and Representative French Hill sent a letter to the Department of Justice requesting a &#8220;thorough assessment of the extent to which Binance and Tether provide material support and resources for terrorism.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The advocacy group Coin Center has opposed the revised bill on payment stablecoins, describing it as &#8220;unconstitutional.&#8221; The legislation prohibits unsecured algorithmic &#8220;stablecoins&#8221; 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12781,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1510,36,807],"class_list":["post-12782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coin-center","tag-regulation","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"6","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/12782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=12782"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/12782\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/12781"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=12782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=12782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=12782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}