{"id":157723,"date":"2025-03-26T12:47:34","date_gmt":"2025-03-26T12:47:34","guid":{"rendered":"https:\/\/peraltafinancing.com\/altcoin\/senator-elizabeth-warren-warns-stablecoins-could-blow-up-our-entire-financial-system\/"},"modified":"2025-03-26T12:47:34","modified_gmt":"2025-03-26T12:47:34","slug":"senator-elizabeth-warren-warns-stablecoins-could-blow-up-our-entire-financial-system","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=157723","title":{"rendered":"Senator Elizabeth Warren Warns Stablecoins Could \u2018Blow Up Our Entire Financial System\u2019"},"content":{"rendered":"


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Senator Elizabeth Warren is worried a bipartisan stablecoin bill working its way through Congress doesn\u2019t do enough to address the systemic risks she thinks the dollar-pegged assets pose.<\/p>\n

Senator Bill Hagerty (R-TN) introduced the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in February.<\/p>\n

The legislation, which aims to establish regulatory clarity for stablecoins, passed out of the Senate Banking Committee<\/a> on March 13th by a bipartisan 18-6 vote.<\/p>\n

In a speech<\/a> to the committee earlier this month, Warren (D-Massachusetts) said<\/a> the bill doesn\u2019t protect consumers, national security or financial stability.<\/p>\n

\u201cThe bill lacks basic safeguards necessary to ensure that stablecoins don\u2019t blow up our entire financial system. Under this bill, stablecoin issuers can invest in risky assets, including the very assets that were bailed out in 2008 and again in 2020. And anyone who thinks the US taxpayer won\u2019t be called on, directly or indirectly, to bail out these guys out is kidding themselves. Circle, one of the largest stablecoin companies in the world, would have blown up in 2023 if regulators hadn\u2019t bailed out its $3.3 billion of deposits at Silicon Valley Bank. This bill begs for more bailouts.\u201d<\/em><\/p>\n

The potential legislation<\/a> would require stablecoin issuers to maintain backing for their assets on a 1:1 ratio.<\/p>\n

The bill states that stablecoin issuer reserves can be made up of US currency; funds held as demand deposits or insured shares at an insured depository institution; and Treasury bills, notes or bonds.<\/p>\n

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n

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Senator Elizabeth Warren is worried a bipartisan stablecoin bill working its way through Congress doesn\u2019t do enough to address the systemic risks she thinks the dollar-pegged assets pose. Senator Bill Hagerty (R-TN) introduced the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in February. 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