Anti-CBDC bill in the US, no algo stablecoins for Canada: Law Decoded, Feb. 20

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Anti-CBDC bill in the US, no algo stablecoins for Canada: Law Decoded, Feb. 20–27

Published Feb 27, 2023 02:30PM ET Updated Feb 27, 2023 04:00PM ET

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Anti-CBDC bill in the US, no algo stablecoins for Canada: Law Decoded, Feb. 20–27

Last week was relatively calm regarding enforcement news but brought some peculiar local developments in regulation. United States Representative Tom Emmer introduced legislation in the U.S. House of Representatives that could prevent the Federal Reserve from issuing a central bank digital currency (CBDC). According to the Minnesota lawmaker, the bill could prohibit the Fed from issuing a digital dollar “directly to anyone,” bar the central bank from implementing monetary policy based on a CBDC, and require transparency for projects related to a digital dollar.

The Canadian Securities Administrators published a notice describing new commitments it expects from crypto asset trading platforms seeking registration in Canada. The new commitments touch on issues that include segregation of assets, leverage, determination of capital, transparency and others. But, most notably, it anticipates a ban on algorithmic stablecoins.

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