The American senator Kirsten Gillibrand (Dn.y.), one of the main Democrats who support cryptographic legislation, warned the industry that they are not pressed for a “diluted” version of the long -awaited Stablecoin legislation that current Banking of Silley Banks in 2023, and the raising regulations of the maids of the maids of the maids and the school of the raising of the Crielagos schools and the College of Crypte of Crytips of Crypwe of Cryple of Chatch. FTX in 2022.
Speaking at the DC Blockchain Summit in Washington, DC, on Wednesday, Gillibrand said that the Stablecoin bipartisan bill, which guides and establishes national innovation for the US Law of Estoins.
“You have to think about all the ways in which this can go wrong. Something as simple as how a dollar defines: Is it a treasure just like a dollar? What happens if your support of 1 to 1 is in treasure and you have a misalignment of interest rates as SVB ends Stablecoin, that is a collapse,” Gillibrand said.
If the dollar support requirements are not met or applied, Gillibrand said: “It will only have another FTX. It will simply have another algorithmic stable that is launched because it never made sense. That is a big problem for the US market.”
“The worst we could do is water it,” Gillibrand said. “Do not think that a diluted invoice will help your industry. It will destroy your industry. Because one more SVB, a more algorithmic establishment [collapse]It only continues to create so much uncertainty that nobody wants to do business in the United States. “
After years of false beginnings, Stablecoin legislation seems to finally be gaining impulse. Earlier this month, the United States Senate Banking Committee voted to advance in the Genius Law to a vote throughout the Senate. A similar bill of the United States Representatives Chamber is expected to be made public on Wednesday.
Read more: The bill of the house of the United States House is about to go to the public legislator on the cryptographic panel
Gillibrand said that if Congress can obtain the genius law signed, it is more likely to advance in a market structure bill.
“A market structure bill is much more complex. Regulates the entire industry, not just a version of a digital asset,” Gillibrand said. “Therefore, it is really important that we do this well so that we can happen to something much bigger, and something we need to build an even broader consensus.”
A market structure bill would create a regulatory framework for the cryptographic industry as a whole, giving cryptographic companies and digital asset emitters clearer rules of the road and a framework to determine whether their tokens are values or not, and therefore, who is their main regulator.
Speaking on the same panel, Senator Bernie Moreno (R-OHIO) suggested that any digital asset with a centralized issuer is probably a security, not a merchandise.
“If your digital currency has a CEO, it is not a merchandise, by definition,” said Moreno.
During another discussion panel at the same Wednesday event, Senator Tim Scott (RS.C.) said that the future market structure bill would need to “find a way to create a structure that works beyond the two main categories” of safety against basic products.
Moreno said he wanted to see the genius law approved before the August recess.
“I will present the glove: let’s do this for the August recess, what do you think? Market structure, genius act, [Strategic Bitcoin Reserve]All done in August, ”said Moreno.
Gillibrand Tempered Expectations, telling Moreno that there was no way to make a market structure bill in August, but that Congress “will definitely make stable” before summer holidays, perhaps, he amended, even before the Easter break in April, “if we really are productive.”
