Senator Elizabeth Warren is worried that it is not enough to solve the systematic risk that the double party waves are raised through the parliament.
Senator Bill Hagerty (R-TN) introduced the guidance and establishment of the US Stablecoins (Genius) ACT in February.
The law aimed to establish a regulatory clarity for Stablecoins by the Senate Bank Commission on March 13 by 18-6 votes.
In a speech with the first meeting this month, Warren (D-Massachusetts) said the bill does not protect consumers, national security or financial stability.
“This bill lacks the default protection measures necessary for STABLECOINS not to blow up our entire financial system. In accordance with this bill, the publisher can invest in risky assets, including assets rescued in 2008 and 2020, and anyone who is not directly called by the US taxpayer who is not directly called or simply called. I don’t think it can be relieved in 2023 if the regulatory authorities did not rescue a $ 3.3 billion deposit in Silicon Valley Bank.
Potential legislation must be a 1: 1 ratio for the STABLECOIN issuer.
The bill states that the reserve of the STABLECOIN issuer can be composed of a US currency. Funds held by insurance depositors as demand deposits or insurance stocks; Treasury bill, notes or bonds.
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Created image: Midjourney