U.S. Senators have introduced a bill for stablecoins - The Block
Kirsten Gillibrand and Cynthia Lummis propose to:
▪️Prohibit unbacked algorithmic stablecoins.
▪️Require stablecoin issuers to hold fiat reserves in banks that back their tokens on a 1:1 basis.
▪️Require stablecoin issuers to implement anti-money laundering systems.