Coin Center representatives believe that if the bill is adopted in its current version, federal authorities will receive additional powers to regulate the stablecoin sector, which will limit the further development of the crypto market in the United States.
“It may make sense to require issuers like Terra to register with the SEC and make appropriate disclosures, but an outright ban on a particular business model is unnecessary and anti-innovation.”
The organization says the bill's ban on unbacked algorithmic stablecoins is also a ban on code, which threatens the US Constitution's guarantee of free speech.
Coin Center proposes to return to the previous version of the bill, which provided only a two-year moratorium on the issuance of unsecured algorithmic assets, and not their complete ban.
Earlier, a group of parliamentarians introduced a proposal to the US Congress to repeal a provision of the law that allows the Securities and Exchange Commission (SEC) to require banks to include customers' digital assets on their balance sheets.
Source: Bits
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