đđBig news, crypto fam! Senators Lummis and Gillibrand are pushing for a safer crypto space with their new Payment Stablecoin Act.
âą The bill aims to regulate stablecoin issuers, ensuring 1:1 reserves and banning unbacked, algorithmic stablecoins.
âą It also sets up guardrails to prevent illicit use of stablecoins.
âą Plus, it allows state non-depository trust companies to issue payment stablecoins up to $10 billion.
But not everyone's on board. Senator Warren wants tighter controls for stablecoins, fearing they could be exploited by bad actors.
What's your take? Is this a step forward for crypto or just more red tape? Let's chat below! đ #CryptoNews #StablecoinAct