CDS Crypto News US House Committee Discusses New Stablecoin Bill
Crypto News

US House Committee Discusses New Stablecoin Bill

The US House Committee has a new stablecoin bill on its desk.

802
Us House Committee Discusses New Stablecoin Bill

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.

Sources:cointelegraph
Written by
lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

Sui Blockchain Faces First Major Outage: What Happened and What’s Next

Sui blockchain faces its first major outage—learn what happened, the impact on...

MicroStrategy Stock Reaches New High as Bitcoin Surges Above $98,000

MicroStrategy’s stock surged to a new all-time high as Bitcoin reached $98,000,...

Mysten Labs Resolves Sui Blockchain Outage, dApps Resume Functioning

Mysten Labs Resolves Sui Blockchain Outage, dApps Resume Functioning

Top 3 Cryptos on November 21: Qubetics Soars as Ethereum and Solana Face Resistance

Top 3 Cryptos on November 21: Qubetics Soars as Ethereum and Solana...