With the bipartisan support of Sen. Kirsten Gillibrand (D-NY) and Sen. Cynthia Lummis (R-WY), the Responsible Financial Innovation Act was proposed earlier today. Alongside a number of regulatory clarifications presented in the legislation, one major component is its endeavor to regulate stablecoins by establishing “100% reserve, asset type and detailed disclosure requirements for all payment stablecoin issuers.”
What Happened: The legislation proposes that the holder of a particular stablecoin must be able to encash it in lieu of the equivalent value in U.S. dollars at any point in time. Furthermore, the bill …
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