Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»ADOPTION NEWS»Coin Center criticizes stablecoin bill as ‘unnecessary’ and ‘unconstitutional’
ADOPTION NEWS

Coin Center criticizes stablecoin bill as ‘unnecessary’ and ‘unconstitutional’

By Crypto FlexsApril 20, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Coin Center criticizes stablecoin bill as ‘unnecessary’ and ‘unconstitutional’
Share
Facebook Twitter LinkedIn Pinterest Email

Crypto industry advocates are opposing legislation that could limit stablecoin offerings in the United States.

The Lummis-Gillibrand Payment Stablecoin Act has been introduced. U.S. Senators Cynthia Lummis and Kirsten Gillibrand Wednesday will require stablecoins to be collateralized by one-to-one cash or cash-equivalent reserves, effectively making algorithmic stablecoins illegal. Federal and state authorities responsible for stablecoin licensing and enforcement.

However, Coin Center, a cryptocurrency-focused non-profit organization, said A letter to lawmakers on Friday called the proposed framework an “irrational” and even “unconstitutional” measure that could stifle innovation in the U.S. cryptocurrency industry.

“While it may be reasonable to require issuers of products like Terra to register with the SEC and make appropriate disclosures, blanket bans on certain business models are unnecessary and antithetical to innovation,” Coin Center said in a statement.

The group also argued that banning algorithmic stablecoins, digital tokens backed by computer programming, is “essentially a code ban” that threatens the freedom of expression enshrined in the U.S. Constitution.

““Banning people from posting code and algorithms is a clear prior restriction on protected speech and unconstitutional unless the government can demonstrate compelling interest and narrow coordination.” Coin Center revealed.

Coin Center asked lawmakers to consider previous legislation that proposed a two-year moratorium on these types of tokens instead of a complete and permanent ban on algorithmic stablecoins. The moratorium measures that form part of the Clarity for Payment Stablecoins Act introduced last year include: CoinCenter pointed out that it only prohibits future stablecoin activity and does not affect existing projects.

The group’s recommendations follow efforts by other cryptocurrency industry advocates to amend lawmakers’ latest stablecoin bill. Last Wednesday, the Blockchain Association (BA), a US-based blockchain advocacy group, offered to guide the development of the framework.

“The Blockchain Association stands ready to provide feedback based on the expertise of our members and looks forward to continuing an open dialogue with senators and their staff,” said BA CEO Kristin Smith. said Wednesday statement.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ether Lee (ETH) tests major support for $ 4,453 after the highest rejection.

August 31, 2025

Bitcoin analysts bet on $ 200K after hints of Fed.

August 23, 2025

‘Self -transactions, dressed in capital layout’: The cryptocurrency financial craze divides the industry.

August 15, 2025
Add A Comment

Comments are closed.

Recent Posts

GBC Mining Launches Scalable Cloud Mining Plans, Enabling Passive Income For Global Crypto Enthusiasts

September 6, 2025

The 320K holder of the WAVERS & Cardano Price Surges Surges BlockDag signals the next large encryption.

September 6, 2025

RLUSD Stablecoin is extended to Africa to supply power to the border between the border.

September 5, 2025

Bybit Establishes New B2B Unit To Drive Institutional Adoption Of Digital Assets

September 5, 2025

Lowkick Studio Launches $SHARDS Token On Top Tier Exchanges For WorldShards MMORPG

September 5, 2025

The cryptocurrency is falling when the tokens and stocks connected to Trump are under pressure.

September 5, 2025

Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results

September 5, 2025

Coindesk July 2025 Report: Stablecoins and CBDC

September 5, 2025

NOWPayments To Participate In SiGMA Europe Rome 2025

September 4, 2025

Web3 Enabler Announces Blockchain Payments V3.1 At Northeast Dreamin In Boston

September 4, 2025

Is XRP The Dark Horse Of The Cryptocurrency World? Earn 652 XRP Daily Using Invro Mining’s Smart Contract

September 4, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

GBC Mining Launches Scalable Cloud Mining Plans, Enabling Passive Income For Global Crypto Enthusiasts

September 6, 2025

The 320K holder of the WAVERS & Cardano Price Surges Surges BlockDag signals the next large encryption.

September 6, 2025

RLUSD Stablecoin is extended to Africa to supply power to the border between the border.

September 5, 2025
Most Popular

Solana’s Battle Against Stagnation: Validators and Developers Unite for a Solution

April 10, 2024

The AI ​​model innovates the efforts of fishing and wildlife

March 4, 2025

Trump receives $2 million worth of Bitcoin donation from Winklevoss twins

June 21, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.