House Stablecoin Bill Would Put Two-Year Ban on Algorithmic Stablecoins: Draft Seen by Bloomberg
Sep 21, 2022
WASHINGTON — Legislation to regulate stablecoins that’s being drafted in the House would place a two-year ban on coins similar to TerraUSD, the algorithmic stablecoin that collapsed earlier this year.
// STAY UP TO DATE — FOLLOW BLOCKCHAIN DAILY ON TWITTER: @BLCKCHAINDAILY
Under the latest version of the bill, it would be illegal to issue or create new “endogenously collateralized stablecoins,” according to a copy obtained by Bloomberg.
The definition would kick in for stablecoins marketed as being able to be converted, redeemed or repurchased for a fixed amount of monetary value, and that rely solely on the value of another digital asset from the same creator to maintain their fixed price.
// CLICK HERE FOR MORE BLOCKCHAIN NEWS
