Terra disaster fuels work of Congress on stablecoin legislation By the_postman_
to insured depository institutions — mostly banks. Still, both the PWG and Gottheimer deliberately left out algorithmic stablecoins.did not feature such a carve-out, nor did it have a chance to become law. Grey, one of the bill's authors, objects to the PWG's separation of algorithmic and non-algorithmic stablecoins.
Hesitance to address algorithmic stablecoins in law has been a fairly bipartisan feature of proposed stablecoin legislation. There have been increasing suggestions that Republicans are looking at algorithmic stablecoins more as money market funds, which face regulation by the SEC and are accessible only via registered broker-dealers.Tether’s subsequent slip“It’s much more basic to regulate a true 1-to-1 where there is no risk of a run,” Representative Warren Davidson told The Block.
“It’s important to distinguish between algorithmic stablecoins vs the stablecoins that are backed by cash and cash equivalents or securities,” Toomey said. Of the Terra collapse, he said that"there is no systemic risk, certainly not right now and I don't think in the future, because the nature of the algorithmic stablecoins is that they are not backed by an asset that would be subject to a systemic risk.
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