Coin Center founder: New stablecoin bill could stifle innovation and violate the First Amendment

A new bill co-sponsored by U.S. Senators Cynthia Lummis and Kirsten Gillibrand to regulate stablecoins has drawn criticism for potentially stifling innovation and infringing on First Amendment rights. The bill includes a provision that bans all “algorithmic payment stablecoins,” which could have significant implications for software developers and the broader tech community. Jerry Brito, founder of cryptocurrency policy advocacy group Coin Center, said the bill is intended to establish a regulatory framework, but some of the provisions introduced are unnecessary and potentially unconstitutional. Brito believes that any product that complies with current securities laws should be allowed to be launched on the market without further barriers. Coin Center hopes that Lummis and Gillibrand will reconsider their current position and take a more practical approach that both protects innovation and ensures compliance with securities laws. (Bitcoin.com)