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The US Cryptocurrency Bill calls for a two-year ban on new algorithm-driven stablecoins.
A bill introduced in the US House of Representatives to ban new algorithmic stablecoins for two years, including TerraClassicUSD (USTC), which was depegged to the US dollar a few months ago, caused a strong panic in the cryptocurrency market.
However, the regulation allows the current algorithmic stablecoin providers to change their approach and securitize their products in a new way within two years. The term will reportedly include stablecoins backed by other digital assets from the same developer and advertised as having the potential to be exchanged, redeemed, or redeemed at predetermined prices.
This measure raises the question of whether a stablecoin such as Synthetix USD (SUSD) that uses the same system's native token (SNX) falls under the term. Other similar algorithmic stablecoins include BitUSD backed by BitShares (BTS).
In addition, the proposed legislation would require the US Department of the Treasury to conduct additional research into the stablecoin algorithm and cooperate with the Federal Reserve, the Securities and Exchange Commission, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency.
Deputies Maxine Waters Democrat and Patrick McHenry Republican have collaborated to reach an agreement on the legislation, but it's unclear whether McHenry supports the latest bill, Bloomberg News reported, people familiar with the state law said. The committee could vote on the bill as early as next week.
“Last week's report on cryptocurrencies was grim. It reads almost like a rejection of the very idea of decentralization. Many cryptocurrency policy makers feel that these reports might have looked very different were it not for Terra and its aftermath.” – Jake Czerwinski
McHenry is a senior member of the House Financial Services Committee chaired by Waters. On Tuesday, both Waters and McHenry heard evidence that a dollar-pegged stablecoin could improve national security because of the dollar's apparent merit and reliability.
TerraClassicUSD (USTC), formerly known as TerraUSD (UST), is an algorithmic stablecoin that broke its 1:1 peg to the US dollar in early May, resulting in billions of dollars in losses.
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