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On Thursday, March 31 local time, Rep. Trey Hollingsworth and Sen. Bill Hagerty introduced a bill aimed at increasing the transparency of the stablecoin market.

Tether, currently the largest stablecoin issuer, has kept its reserves particularly secret, thus keeping transparency information away from the public, while it has been the source of much speculation and shock in the digital market. Lawmakers are now paying attention to the stablecoin market, they are trying to find a solution that protects consumers and the economy without stifling innovation. Such as legally forcing stablecoin issuers to regularly publish audit reports That show their true reserves and increase true transparency in the market.

Lawmakers said it’s amazing that the outpouring of support for this new bill, which is also an important step forward in the regulation of stablecoins. The framework of the legislation is important until the broadest possible cooperation with the global industry and consumers is reached, although it will not solve all problems.

Reference: https://www.coindesk.com/policy/2022/03/31/newly-introduced-bill-aims-to-bring-transparency-to-the-stablecoin-marketplace/

Editor: Laura L

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