Cybersecurity & Tech
What is happening? Congressman Josh Gottheimer proposes legislation to “designate certain digital currencies as “qualified” stablecoins if they can be redeemed on a one-for-one basis for U.S. dollars.”
Why is this important? Stablecions would be backed by banks or designated reserve assets in a non-bank.
How will this be important? Concerns include : “that a spike in redemption requests, or a stablecoin “run,” could result in bankruptcy at the issuer and start a domino of insolvency”
CNBC | Democratic lawmaker unveils bill that would define boundaries for stablecoin market
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