US lawmakers are actively involved in preparing the draft of a stablecoin regulatory bill, according to recent reports, which credited Senator Cynthia Lummis for heading it.
Senator Cynthia Lummis, a Bitcoin advocate, is heading efforts to create a stablecoin regulatory bill in the US. A news report described how the lawmaker was working in tandem with Senator Kirsten Gillibrand for the crypto legislation.
The report also mentioned various government agencies in the country lending support to them. Since they have received positive feedback, the lawmakers will likely announce the outcome of the exercise soon.
The report quoted spokespeople from the lawmakers’ offices saying, “Senators Lummis and Gillibrand have been working for several months on a bill that provides regulatory clarity around stablecoins while protecting consumers from bad actors.”
Further, the report mentioned that the Federal Reserve, the New York Department of Financial Services, the Treasury, and the National Economic Council provided support.
The development in the US is significant for the government and the crypto sector. The US Treasury Secretary had also urged Congress to draft a stablecoin regulatory bill. On the other hand, Cynthia Lummis has been at the forefront of crypto regulations for over a year.
In May 2023, she voiced support for Bitcoin in a public event and spoke extensively about it. Even then, Senator Lummis and Gillibrand’s bill came for discussion but saw little progress. A couple of months later, Senator Lummis again spoke about the benefits of crypto legislation. Although she described in detail why crypto regulations were necessary, the US did not see any developments around it.
In 2024, the discussions for crypto regulations have again picked up in the country. A key reason could be the spot Bitcoin ETF approvals, which have helped the crypto market soar.
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