Connect with us

Hi, what are you looking for?

Oracle of  Omaha SaysOracle of  Omaha Says

Editor's Pick

Crypto-Skeptic Senator Sherrod Brown Open To Stablecoin Legislation, Bloomberg Reports

Senator Sherrod Brown (D-H), a noted crypto-skeptic, expressed openness to stablecoin legislation amidst news of a bipartisan bill proposed by Representatives Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY), a Tuesday report from Bloomberg revealed.

When asked by the news outlet if he would advance stablecoin legislation tethered to a bill focused on reducing compensation for failed lenders’ executives and authorizing banks to conduct with cannabis businesses, Brown reportedly answered “That’s the goal.”

Senator Sherrod Brown Willing To Advance Stablecoin Legislation

For context, U.S. lawmakers often attempt to bundle issues into a bill in hopes of generating support for legislation that may otherwise fail.

Brown cautioned that any compromise on stablecoins “would have to address his concerns to support it,” however.

Representatives Kirsten Gillibrand and Cynthia Lummis Introduce New Bill

Shortly after news broke of Brown’s willingness to support stablecoin legislation, Representatives Lummis and Gillibrand introduced the aptly named “Lummis-Gillibrand Payment Stablecoin Act of 2024.”

According to a statement from Gillibrand, the bipartisan bill would create federal and state regulatory regimes for stablecoin issuers that preserve the dual banking system, ensure stablecoin issuers maintain one-to-one reserves while prohibiting unbacked algorithmic stablecoins, and prevent illicit use of stablecoins by issuers and users.

I’m proud to join @SenLummis to introduce the Payment Stablecoin Act.

Passing a regulatory framework for stablecoins is critical to protecting consumers, promoting responsible innovation, and cracking down on money laundering and illicit finance.

— Sen. Kirsten Gillibrand (@gillibrandny) April 17, 2024

The senators introduced the “Lummis-Gillibrand Responsible Financial Innovation Act” in 2022 and reintroduced it last year in hopes of creating stricter digital asset regulations.

“Passing a regulatory framework for stablecoins is absolutely critical to maintaining the U.S. dollar’s dominance, promoting responsible innovation, protecting consumers and cracking down on money laundering and illicit finance,” said Senator Gillibrand. “The bipartisan Lummis-Gillibrand Payment Stablecoin Act preserves the dual banking system and gives both federal and state agencies roles in chartering and enforcement.”

Elizabeth Warren Pushes Back Against Stablecoin Legislation

Passing stablecoin legislation has been a hot topic on Capitol Hill in recent months. House Financial Services Committee Chairman Patrick McHenry (R-NC) and Congresswoman Maxine Waters (D-CA) reportedly pitched an unreleased proposal to Senate Majority Leader Senator Chuck Schumer (D-NY) last week tying stablecoin reform to the upcoming funding reauthorization of the Federal Aviation Administration (FAA).

Senator Elizabeth Warren (D-MA) has resisted her colleagues’ efforts, however, claiming that advancing such legislation without effective anti-money laundering laws could expose a number of security risks. 

For years, Warren has been trying to pass the “Digital Assets Anti-Money Laundering Act” (DAAMLA), which would put such stringent anti-money laundering laws in the crypto sector.

“We need a regulatory framework that will put the rules for Anti-Money Laundering in place so that we do not have more opportunities for Iran and terrorists and drug lords and human traffickers to make more money,” Warren said during a recent hearing. 

With Brown seemingly on board with approving a stablecoin bill, it may only be a matter of time before new stablecoin legislation is passed.

The post Crypto-Skeptic Senator Sherrod Brown Open To Stablecoin Legislation, Bloomberg Reports appeared first on Cryptonews.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    A former Republican legislative candidate who traveled to Washington for former President Donald Trump’s ‘Stop the Steal’ rally was arrested Friday and charged with...


    Even as U.S. inflation broadly cools, frozen vegetable prices are hot. The average shelf price for frozen veggies rose by 18% in the past year...

    Latest News

    Abbe Lowell, Hunter Biden’s attorney, filed an ethics complaint Friday against Georgia Rep. Marjorie Taylor Green after she displayed censured nude photos of the president’s...

    Latest News

    President Biden has overruled the Pentagon and chosen Adm. Lisa Franchetti to lead the Navy, making her the first woman, if she’s confirmed, to...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024