Stablecoin legislation should be a top priority for everyone who cares about crypto policy.

But the Lummis-Gillibrand Payment Stablecoin Act draft published today is deeply flawed: it appears to ban nearly everything except a narrow band of centralized, custodial stablecoins.

This would be far worse than status quo.

horrible. absolutely horrible. they just want to control everything. the whole point is sovereignty against centralized custodial holding LOL. lame.

I agree with your observation above. Algorithmic stablecoins would be illegal. Payment stablecoins would be allowed, but issuance by non-depository entities would require registration with the Federal Reserve and total value in circulation could not exceed $10B. USDT and USDC both exceed this.

stablecoin legislation should not be choosing winners, this is not the right path