Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 2698
Markets: 22707
CCT - Crypto Currency Tracker logo CCT - Crypto Currency Tracker logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
Market Cap
24h Vol
2698
Cryptocurrencies
63.57%
Bitcoin Share
Seeking Alpha 2021-09-29 19:48:47

Senator Cynthia Lummis: stablecoins must be 100% backed by cash - Bloomberg

Senator Cynthia Lummis: stablecoins must be 100% backed by cash - Bloomberg

U.S. Senator Cynthia Lummis, a cryptocurrency advocate, says stablecoins should be fully backed in cash and cash equivalents, in addition to being audited regularly, Bloomberg reports, citing a speech she gave on the Senate floor. "It may be the case that stablecoins should only be issued by depository institutions or through money-market funds or similar vehicles," she said. Recall that Senator Lummis attempted to amend the definition of a crypto broker in a pending $1T infrastructure bill back in August, but it failed to pass in the Senate. Stablecoins, which are pegged at a one-to-one ratio to the dollar, such as Tether (USDT-USD), are often used by investors to purchase other cryptos like bitcoin (BTC-USD). But these tokens are largely unregulated as "we've got a lot of casinos here in the Wild West, and the poker chip is these stablecoins at the casino gaming tables," Securities and Exchange Commission Chair

Most Read News

Market Cap
24h Vol
63.57%
Bitcoin Share
0
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.