If passed, the proposed legislation would be the first instance of crypto legislation in the United States. It will be discussed by the House committee on June 13 before being introduced.
US House Committee Discusses New Stablecoin Bill
The third version of the stablecoin legislation put out by the House Financial Services Committee’s chairman, Rep. Patrick McHenry, has been made public. The most recent version of the bill is bipartisan and contains specific recommendations from Republican and Democratic committee members.
About the Draft Bill
The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem was first put up on June 8 and is anticipated to be reviewed during the forthcoming committee hearing on June 13.
The U.S. Federal Reserve is listed as the primary authority responsible for establishing the criteria for issuing stablecoins in the most recent version of the bill. The bill attempts to give state regulators the authority to monitor the businesses issuing the tokens; this is done concurrently.
If approved, the Bill Will Be the First Official Guideline
The law also covers the legal framework for stablecoin issuance and the specifications for payment of stablecoin. The bill, if passed, will serve as the country’s first detailed guide for monitoring and enforcing stablecoin markets. Additionally, it suggests a two-year moratorium on collateralized stablecoins starting on the day it becomes law.
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