US House Committee Releases New Stablecoin Bill Draft
• The U.S. House Financial Services Committee has released the latest draft of the stablecoin bill presented by its chair, Representative Patrick McHenry.
• The draft bill titled, The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem, proposes a two-year moratorium for collateralized stablecoins and grants some additional authority to the federal regulator compared to the previous version.
• If approved by the committee and passed by Congress, this would become the first example of crypto legislation in the United States.
US House Committee Releases Stablecoin Bill Draft
The U.S. House Financial Services Committee has released a new draft of its proposed stablecoin bill titled „The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem“. This bipartisan bill was presented by its chair, Representative Patrick McHenry and is set to be discussed on June 13th during an upcoming committee hearing.
Regulatory Issues Addressed
The proposed bill outlines several regulatory issues such as who can issue stablecoins and what requirements should be met when issuing payment stablecoins. It also proposes having the Federal Reserve serve as key regulator while still allowing state regulators to oversee companies issuing tokens. Additionally, it includes a two-year moratorium for collateralized stablecoins from date of enactment if approved by Congress.
Implications For Crypto Legislation
If approved, this would be the first comprehensive guidance on supervision and enforcement of stablecoin markets in the United States and could potentially become a landmark example of crypto legislation in America moving forward.
Who Supports The Bill?
As mentioned previously, this bill is bipartisan with support from both Republican and Democratic members on the committee which is encouraging news considering that there are usually partisan divides over technological issues like blockchain technology or cryptocurrency usage/regulation.
The future of digital assets is rapidly evolving as we speak so creating clear regulations now will help ensure that all parties involved have clarity regarding their rights/responsibilities when dealing with these new technologies moving forward in an ethical way that protects all involved parties while still allowing innovation to thrive.