Senator Gillibrand has emphasized the initiative’s aim to utilize the capabilities of cryptocurrencies and to realize Bitcoin’s fundamental purpose as a transactional currency. The development of the legislative framework involved consultations with significant financial regulatory bodies such as the Federal Reserve, the U.S. Treasury, and the New York State Department of Financial Services. The primary focus of the act is to ensure strong oversight by state and federal regulators to eradicate malpractices while fostering an environment that encourages growth and innovation. Additionally, the proposal requires issuers to maintain a one-to-one reserve for their stablecoins.
Senator Gillibrand has emphasized the importance of garnering broad support across party and chamber lines to ensure the successful implementation of the legislation.
