Crypto-Skeptic Senator Sherrod Brown Open To Stablecoin Legislation, Bloomberg Reports

cryptonews.com:

Senator Sherrod Brown (D-H), a noted crypto-skeptic, expressed openness to stablecoin legislation amidst news of a bipartisan bill proposed by Representatives Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY), a Tuesday report from Bloomberg revealed.

When asked by the news outlet if he would advance stablecoin legislation tethered to a bill focused on reducing compensation for failed lenders’ executives and authorizing banks to conduct with cannabis businesses, Brown reportedly answered “That’s the goal.”

For context, U.S. lawmakers often attempt to bundle issues into a bill in hopes of generating support for legislation that may otherwise fail.

Brown cautioned that any compromise on stablecoins “would have to address his concerns to support it,” however.

Shortly after news broke of Brown’s willingness to support stablecoin legislation, Representatives Lummis and Gillibrand introduced the aptly named “Lummis-Gillibrand Payment Stablecoin Act of 2024.”

According to  a statement from Gillibrand , the bipartisan bill would create federal and state regulatory regimes for stablecoin issuers that preserve the dual banking system, ensure stablecoin issuers maintain one-to-one reserves while prohibiting unbacked algorithmic stablecoins, and prevent illicit use of stablecoins by issuers and users.

I'm proud to join @SenLummis to introduce the Payment Stablecoin Act.

Passing a regulatory framework for stablecoins is critical to protecting consumers, promoting responsible innovation, and cracking down on money laundering and illicit finance. https://t.co/UP9pk0uQkt pic.twitter.com/lIqA3rwQXN

— Sen. Kirsten Gillibrand (@gillibrandny) April 17, 2024

The senators introduced the “Lummis-Gillibrand Responsible Financial Innovation