Here’s what happened in crypto today
- US senators introduce stablecoin bill to regulate payment stablecoins and ban unbacked stablecoins.
- Telegram founder predicts secure communication devices inspired by crypto hardware wallets due to increasing government surveillance.
- Bitcoin miner stocks drop post-halving as investors fear profit decline, but analyst believes concerns are unfounded.
- Miners like Marathon Digital, Riot Platforms, and CleanSpark see significant stock declines from year-to-date highs.
Summary : Two United States senators, Cynthia Lummis and Kirsten Gillibrand, have introduced a new bill called the Lummis-Gillibrand Payment Stablecoin Act to regulate stablecoins. The bill aims to streamline the regulatory process for payment stablecoins and proposes to ban unbacked, algorithmic stablecoins. The senators believe that passing a regulatory framework for stablecoins is crucial to maintain the dominance of the US dollar, promote responsible innovation, protect consumers, and crack down on money laundering and illicit finance. This is not the first time Lummis and Gillibrand have collaborated on crypto-focused regulation. In a separate development, Pavel Durov, the founder of Telegram, predicts that secure communication devices inspired by crypto hardware wallets could be developed due to increasing government surveillance. Durov believes that governments' growing intolerance of privacy will drive the need for such devices. Additionally, Bitcoin miner stocks have dropped from their highs as investors fear their post-halving profits. However, experts suggest that these fears are unfounded and profitability concerns are driving the stock decline.
Original article by CoinTelegraph (published on Apr 17, 2024, 9:17 PM).
