Any legislation on market structure for stablecoins and other cryptocurrencies — such as the Clarity Act — must be fully evaluated in public, Sen. Mike Rounds (R-S.D.) said today at the American Bankers Association’s Washington Summit. “A lot of the bill is being negotiated behind the scenes,” said Rounds, who is a member of the Senate Banking Committee. “Let’s make sure the entire industry has a chance to look at this in the light of day.”
Rounds emphasized that “stablecoin is for real; it’s not going to go away.” As a result, he said, it is important for regulations to make sure everyone has a chance to participate in the market on equal footing and that regulations don’t drive stablecoin activity offshore.
Rounds also discussed the Streamline Act, which he co-sponsored and that would increase the thresholds for currency transaction reports and suspicious activity reports and index them to inflation going forward. “You folks don’t need to be reporting transactions of $10,000,” he told bankers. “There are so many [reports] going on because it hasn’t been updated.”
