Representative Patrick McHenry presented through the Committee on Financial Services of the United States House of Representatives the third draft of the bill on stablecoins. The latest draft of the bill is bipartisan and includes specific proposals from Republican and Democratic committee members.
The bill, titled “The Future of Digital Assets: Providing Clarity to the Digital Asset Ecosystem,” was initially proposed on June 8 and is expected to be debated during the committee’s next hearing on June 13.
The latest version of the bill proposes the US Federal Reserve as the key regulator in charge of formulating the requirements for the issuance of stablecoins. However, at the same time, the bill seeks to give state regulators powers to oversee token-issuing companies.
The bill further addresses legislation regarding who can issue stablecoins and the requirements for a payment stablecoin. If passed, the bill will be the first comprehensive guidance on the supervision and enforcement of stablecoin markets in the United States. The bill also proposes a two-year moratorium on collateralized stablecoins from the date of enactment.
If approved by committee and approved by the House and Senate, the bill would become the first example of cryptocurrency legislation in the United States.
The latest version too it grants some additional powers to the federal regulator compared to the previous version. These powers include the power to intervene against state-regulated issuers in emergencies. States would also have the right to hand over their oversight functions to the federal body if necessary.
The previous version of the bill, published on April 24, focused on stablecoin payments rather than overseeing other aspects of digital asset markets, such as custodial service providers and algorithmic stablecoins. The latest version of the bill is more concise and gives specific powers to state legislatures as well.
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