STABLECOIN TRANSPARENCY ACT: Proposed Law Would Require Stablecoins to be Backed By Cash or Bonds

Описание: The Stablecoin Transparency Act would require stablecoins to be fully backed by dollars or short-term government securities.
Stablecoin issuers would also have to publish audited reports.

The Stablecoin Transparency Act, proposed by Two legislators—Rep. Trey Hollingsworth (R-IN) in the House and Sen. Bill Hagerty (R-TN) in the upper chamber— 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.

Stablecoins are crypto assets pegged 1:1 with a fiat currency, often the U.S. dollar. The idea is that for every stablecoin in circulation, there's a $1 bill in the bank; if anyone wants to redeem that coin, they can

Video Chapters:
00:00 - Intro
00:37 - Proposed Law Would Regulate Stablecoins
02:20 - Prior Action Against Tether by NY AG
03:08 - USDC Already Backed by Cash & Equivilants
04:03 - Democrats may hold up legislation
04:20 - Stablecoin Regulation Good for Consumer Protection / Transparency
06:10 - Effects on Algorithmic Stablecoins (DAI, UST) Terra
07:15 - Non Complaint Stablecoins Likely Delisted By Exchanges
08:50 - Final thoughts/Outro

Articles:

https://decrypt.co/96587/proposed-bil...

https://www.coindesk.com/policy/2022/...