Express
U.S. Legislator Proposed The Stablecoin Transparency Act
Summary: Two legislators—Rep. Trey Hollingsworth (R-IN) in the House and Sen. Bill Hagerty (R-TN) in the upper chamber—have introduced The Stablecoin Transparency Act which would require stablecoins to be fully backed by a combination of U.S. dollars and "government securities with maturities less than 12 months" (i.e., bonds). It would also legally compel issuers of stablecoins—such ...
Two legislators—Rep. Trey Hollingsworth (R-IN) in the House and Sen. Bill Hagerty (R-TN) in the upper chamber—have introduced The Stablecoin Transparency Act which would require stablecoins to be fully backed by a combination of U.S. dollars and "government securities with maturities less than 12 months" (i.e., bonds). It would also legally compel issuers of stablecoins—such as Circle (USDC) and Tether (USDT)—to regularly publish audited reports demonstrating their reserves.“From whether coins are securities or commodities, to who is in charge of regulating them, those in the cryptocurrency marketplace are navigating significant ambiguity,” says Sen. Hagerty.
By Amy Liu
Tags: Act,Legislator,Stablecoin
Link: U.S. Legislator Proposed The Stablecoin Transparency Act [Copy]
