Pro-Bitcoin Senator Proposes Regulation for Stablecoins, Especially Tether.

Bittime   - The crypto world is once again filled with regulatory discourse. This time, a Senator in the United States who is known as a supporter of Bitcoin, put forward a proposal to regulate stablecoins , especially Tether (USDT).

Senator Cynthia Lummis and Proposed Stablecoin Regulation

Senator Cynthia Lummis, who has been known to vocally voice her support for Bitcoin, surprisingly proposed special regulations for stablecoins, especially Tether. The proposed bill (RUU) is named the "Stablecoin Innovation and Protection Act".

Check Today's Crypto Market:

Main Contents of the Stablecoin Bill

The bill proposed by Senator Lummis focuses on several important points:

• Stablecoin Classification: This bill proposes a classification of crypto assets based on the type of backing asset held by the stablecoin. Stablecoins pegged to the US dollar will be regulated by federal financial institutions.
• Reserve Requirements: Stablecoins issued in the United States must have sufficient reserve assets to ensure their price stability.
• Reporting and Auditing: Stablecoin issuers are required to report periodically on the status of their reserves and are audited by independent institutions.

Response from the Crypto Community

This stablecoin regulation discourse has received various responses from the crypto community:

• Supporters: Proponents of stablecoin regulation argue that it could increase public confidence in stablecoins and encourage wider adoption. Clear regulations can also prevent potential financial risks posed by unstable stablecoins.
• Opponents: Some worry that regulations that are too strict could stifle innovation in the stablecoin sector. They argue that a more flexible approach is needed to accommodate different types of stablecoins with varying backing mechanisms.
  

Also Read How to Buy Crypto:

The Future of Stablecoin Regulation

The bill proposed by Senator Lummis is still in the early stages of discussion. Although it is not certain when it will be legalized, this discourse is an indication of increasing regulatory attention to stablecoins. Other countries are expected to follow similar steps to regulate stablecoins within their jurisdictions.

Conclusion

Stablecoin regulation is a hotly discussed topic. Senator Lummis' proposal is illustrative of potential approaches that could be taken to regulate the existence and activity of stablecoins. Crypto players are advised to continue to follow developments in this regulation, as it could have an impact on the future of stablecoins and crypto as a whole.

Check Crypto Prices Today:

How to Buy Tether (USDT) on Bittime

You can buy and sell  Tether (USDT)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Tether (USDT)  is available on Bittime with  the USDT/IDR market pair . To be able to buy  USDT/IDR  at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Tether (USDT) on Bittime . 

Monitor price chart movements   of Tether (USDT) , Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime. 

Also Read:

MiCA: Unraveling Crypto Asset Regulation in Europe

How Does Tether (USDT) Influence Global Economic Development? Read the explanation

Buy USDT: The Stablecoin That Reaches $100 Billion Market Cap

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.