Viewpoint: Stablecoin legislation should protect financial privacy and prevent excessive regulation.

robot
Abstract generation in progress

According to Mars Finance, Jennifer J. Schulp, Director of Financial Regulation Studies at the Cato Institute, pointed out in a CoinDesk column that the stablecoin legislation currently under consideration by the U.S. Congress (including the GENIUS Act and the STABLE Act) aims to combat illegal financial activities but must avoid triggering excessive financial surveillance of users. She emphasized that if stablecoin issuers are subjected to regulation under the Bank Secrecy Act (BSA), it could lead to comprehensive tracking of user transactions, eroding personal privacy rights. Schulp urged lawmakers to balance innovation and privacy protection when formulating AML measures, ensuring that stablecoins enhance payment efficiency without becoming tools of government surveillance. (CoinDesk)

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)