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US House introduces draft of legislation for stablecoins

us-house-introduces-draft-of-legislation-for-stablecoins
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US House introduces draft of legislation for stablecoins

The United States House Financial Services Committee, led by Representative Patrick McHenry, has unveiled the third draft of the stablecoin bill.

Scheduled for discussion within the House committee on June 13, this potential legislation could mark a significant milestone as the first official crypto-related law in the United States.

Meet the future of digital assets

The draft bill titled “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem” has been introduced on June 8 and is set to be deliberated during the upcoming committee hearing on June 13.

Under the bill’s latest version, the U.S. Federal Reserve would assume the role of the primary regulatory authority responsible for establishing the criteria for issuing stablecoins. Simultaneously, the bill seeks to grant state regulators the authority to oversee the companies involved in issuing these tokens.

Furthermore, the bill addresses the issuance of stablecoins and outlines the requirements for payment stablecoins. If passed, this legislation would serve as the first comprehensive framework for supervising and enforcing regulations in the stablecoin market within the United States.

Additionally, the bill proposes a two-year moratorium on collateralized stablecoins from the date of enactment.

The approval of this bill would mark a significant milestone as the inaugural set of regulations governing stablecoins in the United States. Stablecoins, which are tied to stable assets like the U.S. dollar, serve as popular tools in the cryptocurrency market, facilitating the trading of more volatile digital currencies.

The bill’s latest version also omits a previous provision that called for exploring the potential benefits of a digital dollar. This particular idea has sparked controversy and received criticism from Republicans, even though the Federal Reserve has maintained a neutral stance regarding the necessity of a central bank digital currency (CBDC) for the country.

Behind the scenes

As the regulatory landscape around stablecoins evolves, cryptocurrency markets and operators in the United States are facing challenges on other areas. The Securities and Exchange Commission (SEC) has recently taken action by initiating regulatory proceedings against two prominent crypto exchanges, Binance and Coinbase.

The lawsuits filed against both exchanges allege various violations, including failure to register as licensed brokers and offering unregistered securities. These legal actions highlight the increasing scrutiny and enforcement efforts by regulatory authorities in the crypto space.