According to The Block, U.S. Senators Kirsten Gillibrand and Cynthia Lummis proposed a stablecoin bill on Wednesday that requires stablecoin issuers to hold a one-to-one cash or cash equivalent reserve to support their tokens and prohibits unbacked algorithmic stablecoins. The bill also requires issuers and users not to use stablecoins for illegal or unauthorized activities, such as money laundering. The bill aims to establish a framework to encourage "responsible" innovation, emphasizing the advantages of stablecoins in fast international transactions, lower fees, and digital native programs and applications.
In addition, the bill plans to establish a "federal and state regulatory system for stablecoin issuers to maintain a dual banking system." In the United States, the dual banking system refers to federal banks and state banks being regulated by different regulators, although they can be regulated by both state and federal regulations. The Lummis-Gillibrand Payment Stablecoin Act will grant federal and state entities the power to charter and enforce stablecoins.
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