Members of Congress are putting forth a re-drafted stablecoin bill which could ban algorithmic stablecoins for a period of time.
The bill is a newer version of previous legislation fielded by Rep. Maxine Waters and Rep. Patrick McHenry of the House Financial Services Committee.
Banning algorithmic stablecoins for now could give lawmakers time to study them.
Once again, a hefty week of crypto news is turning back to U.S. digital asset regulation. After reconvening in Washington earlier this month, lawmakers passionate about the crypto world seem to be hitting the ground running. This week, one bill being drafted pertains a sector of particular interest in recent months: stablecoins. If passed, the bill could lead to a ban on certain types of dollar-pegged assets.
It only makes sense that stablecoin legislation is a big priority for lawmakers. There’s a solid case blaming the TerraClassicUSD (USTC-USD) stablecoin for the market crash back in May. Had USTC retained its $1 peg, Terra...
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