Mixed Reactions to Congressional Stablecoin Legislation
The Congressional stablecoin legislation, introduced by Senators Kirsten Gillibrand and Cynthia Lummis, has generated mixed reactions. While the crypto industry supports the bill’s aim to regulate fiat-backed coins, traditional finance voices concerns. Hilary Allen from American University’s Washington College of Law warns about the potential disastrous consequences of the bill, citing issues with stablecoin robustness and FDIC receivership provisions. Despite the bill’s goal of enhancing regulation, Allen stresses the importance of addressing potential pitfalls and unintended consequences.
S&P Report Reveals Critical Flaws in Stablecoins
Stablecoins and Ratings Agency: S&P Reveals Critical Flaws Last Updated 2 mins ago By Giuseppe Ciccomascolo S&P Global Ratings said the majority of stablecoins lack the necessary backing to maintain their peg to fiat currencies. Key Takeaways Stablecoins are playing…