Crypto Advocacy Group Argues Stablecoin Bill Violates Free Speech Rights
A non-profit crypto advocacy group has raised concerns over a stablecoin bill proposed by two US senators, suggesting it would impinge on free speech rights.
Bipartisan Bill Perspective 🤔
- Coin Center believes the bill, brought forth by Senators Lummis and Gillibrand, could be unconstitutional
- The bill would target algorithmic payment stablecoins, such as Terra’s UST
Criticism of the Bill 🚫
- Coin Center highlights the potential infringement on First Amendment rights
- The advocacy group thinks regulation through SEC registration is a more appropriate approach
Legal Justification
- According to Coin Center, banning decentralized algorithmic stablecoins equates to restricting software code, which is protected under the First Amendment
- They argue that requiring registration with the SEC would be a better alternative to a ban
Reaction and Response ⚖️
- Lummis and Gillibrand had announced their intentions to introduce the stablecoin bill earlier in the month
- Coin Center suggests that enforcement of existing laws may be more effective than introducing new legislation
Hot Take: Upholding Free Speech in the Crypto Space 🗣️
A balance between regulation and innovation is crucial for fostering the growth of crypto technologies while safeguarding constitutional rights.
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