Draft US stablecoin bill would ban new algo stablecoins for 2 years By Cointelegraph
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Draft US stablecoin bill would ban new algo stablecoins for 2 yearsDraft legislation in the United States House of Representatives would place a two-year ban on new algorithmic stablecoins such as TerraClassicUSD (USTC) which de-pegged from the US dollar earlier this year causing widespread crypto market contagion.
The bill would criminalize the creation or issuance of new “endogenously collateralized stablecoins,” according to a current draft of the legislation obtained by Bloomberg.
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Draft US stablecoin bill would ban new algo stablecoins for 2 yearsDraft legislation in the United States House of Representatives would place a two-year ban on new algorithmic stablecoins such as TerraClassicUSD (USTC) which de-pegged from the US dollar earlier this year causing widespread crypto market contagion.
The bill would criminalize the creation or issuance of new “endogenously collateralized stablecoins,” according to a current draft of the legislation obtained by Bloomberg.
Continue Reading on Coin Telegraph
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