The American senator Kirsten Gillibrand (DN.Y.), one of the main democrats supporting the legislation on cryptography, warned the industry against the pursuit of a “watered” version of the stable legislation long awaited to move in the Senate, strict regulations to grow and protect the innovation of the bank of the Bank of the Silicon valley in 2023 and The Bank of the Bank in the Bank of the Silicon Valley in 2023 and the Bank’s crestalization colonist in the Bank of Silicon in the Bank of Silicon in Bank 2023. 2022.
Speaking on Wednesday at DC Blockchain Summitton in Washington, DC, Gillibrand said that the Bipartite de Stablecoin bill – guiding and establishing national innovation for the Stablescoins Act (Genius Act) – creates a certain number of protections for consumers in the event of a bankruptcy scenario.
“You have to think about all the ways that it can go wrong. Something as simple as the way you define a dollar – is a treasure identical to a dollar? What happens if your support 1 to 1 is all in a stable coat, it is a collapse, “said Gillibrand.
If file requirements are not satisfied or applied, Gillibrand said: “You will just have another FTX. You will just have another algorithmic stablecoin that dives because it never really makes sense. It is a huge problem for the American market.”
“The worst thing we can do is water it,” said Gillibrand. “Do not think that a sweetened bill will help your industry. It will destroy your industry. Because another SVB, another algorithmic (collapse) shield, continues to create such uncertainty that no one wants to do business in the United States. ”
After years of false starts, Stablecoin’s legislation finally seems to gain momentum. Earlier this month, the Banque Committee of the United States Senate voted to advance the law on engineering to a vote on a Senate level. A similar bill of the House of Representatives of the United States is expected to be made public on Wednesday.
Read more: Us House Stablecoin Bill about to make a public legislator at the top of Crypto Panel says
Gillibrand said that if the congress was able to promote the Act on Engineering, it is then more likely to be able to progress on a bill on the structure of the market.
“A bill on the structure of the market is much more complex. It regulates the whole industry, not just a version of a digital active ingredient,” said Gillibrand. “It is therefore really important that we do it well so that we can move on to something much larger, and something we need to build an even wider consensus around.”
A bill on the structure of the market would create a regulatory framework for the industry of cryptography as a whole, giving cryptographic companies and transcendence of digital assets of the road and a framework to determine whether or not their tokens are titles – and therefore which is their main regulator.
Speaking on the same panel, Senator Bernie Moreno (R-Ohio) suggested that any digital active act with a centralized transmitter is likely to be a guarantee, not a commodity.
“If your digital currency has a CEO, this is not a commodity, by definition,” said Moreno.
During another round table at the same event on Wednesday, Senator Tim Scott (RS.C.) said that the market structure bill should “find a means of creating a structure that works beyond the two main categories” of security compared to the goods.
Moreno said he wanted to see the act of genius adopted before the August recreation.
“I’m going to have the glove – let’s do this in August, what do you think? Structure of the markets, Genius Act, (Bitcoin Strategic Reserve), all made in August,” said Moreno.
Gillibrand tempered expectations, telling Moreno that there was no way to make a bill on the structure of the market by August, but that the congress “will certainly make stabbed” before the summer break – perhaps, it modified, even before Easter recreation in April, “if we are really productive”.
