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US Senate bill would ban algorithmic stablecoins like Ethena USDe
Senators Kirsten Gillibrand and Cynthia Lummis released their much anticipated stablecoin regulation bill this week. Known as the Lummis-Gillibrand Responsible Financial Innovation Act, the bill aims to streamline the stablecoin industry and reduce the risks of another Terra collapse. Lummis-Gillibrand Responsible Financial Innovation Act The bill is highly comprehensive and includes several elements. For example, it would allow banks and non-bank trust companies to be able to issue stablecoins through their dedicated subsidiaries. Also, the bill would introduce capital and audit requirements to ensure that all ... (full story)