U.S. Senators plan to submit a revised version of the Financial Innovation Act, focusing on the regulation of tokens and stablecoins

ChainCatcher news, Wyoming Republican Senator Cynthia Lummis and New York Democratic Senator Kirsten Gillibrand have jointly initiated the "Responsible Financial Innovation Act," which was first submitted to the Senate last June. Lummis stated on Thursday that the revised version will be submitted to the Senate in mid-April this year. Gillibrand added that the revised version will provide more detailed definitions of tokens.

It is reported that the original bill focused on clarifying the roles of different regulatory agencies, strengthening the regulation of stablecoins, and eliminating taxes on cryptocurrency transactions below $200. In the revised version, the industry widely expects the bill to prohibit all algorithmic stablecoins. Additionally, there are still details to be determined regarding who can issue stablecoins and the associated reserve requirements. (Source link)