US House Committee Unveils New Bipartisan Stablecoin Bill
source link: https://fintechranking.com/2023/06/10/us-house-committee-unveils-new-bipartisan-stablecoin-bill/
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US House Committee Unveils New Bipartisan Stablecoin Bill
The United States House Financial Services Committee has unveiled the latest bipartisan draft of the stablecoin bill, featuring proposals from both Republican and Democratic committee members. Titled “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem,” the bill designates the U.S. Federal Reserve as the primary regulator responsible for establishing requirements for stablecoin issuance. Concurrently, it grants state regulators authority to oversee the companies issuing these tokens.
The bill introduces guidelines for stablecoin issuance and payment stability requirements, aiming to provide comprehensive supervision and enforcement of stablecoin markets in the U.S. It also suggests a two-year moratorium on collateralized stablecoins.
If passed by the committee, House, and Senate, this legislation would mark a significant milestone in U.S. crypto regulation, granting additional powers to federal regulators and enabling states to delegate supervision when needed.
The latest draft represents a more comprehensive approach compared to the previous version, expanding its scope beyond stablecoin payments to cover other facets of the digital asset ecosystem.
Read more: Cointelegraph
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