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Senator Cynthia Lummis Recommends Stablecoins Be 100% Backed By Cash And Conduct Regular Audits
Summary: During a speech in the Senate on Wednesday, crypto-friendly senator Cynthia Lummis said that stablecoins must be 100% backed by cash and must be audited regularly. The US Treasury Department's report on stablecoins is expected to be published in the next few weeks. Lummis is not the first lawmaker to express concerns about stablecoins. Earlier ...
During a speech in the Senate on Wednesday, crypto-friendly senator Cynthia Lummis said that stablecoins must be 100% backed by cash and must be audited regularly.
The US Treasury Department's report on stablecoins is expected to be published in the next few weeks. Lummis is not the first lawmaker to express concerns about stablecoins. Earlier this year, Rep. Warren Davidson (R-Ohio) stated that stablecoins may meet the definition of securities, which makes them regulated by the U.S. Securities and Exchange Commission (SEC).
Lummis also elaborated on the key principles of the digital dollar, including legal requirements, financial inclusion, programmability, avoidance of systemic risks, and privacy.
By Mary Liu
Tags: Cynthia Lummis,Digital Dollar,Regulation,SEC,Stablecoin
Link: Senator Cynthia Lummis Recommends Stablecoins Be 100% Backed By Cash And Conduct Regular Audits [Copy]
