The us house of reprerentatives Financial Services CommittehaS Released the Third DRAFT of the Stablecoin Bill Presented by ITS Chairman, RepreSentative Patric. K McHenry. The Latest Draft of the Bill is BIPARTISAN and Includes Specific Proposals from Republican and Democratic Committee Members.
The draft bill, titled "The Future of Digital Assets: Providing Clarity to the Digital Asset Ecosystem," was first introduced on June 8 and is expected to be discussed at an upcoming committee hearing on June 13. The latest version of the bill proposes the Federal Reserve as the primary regulator responsible for setting the requirements for issuing stablecoins. At the same time, however, the bill aims to empower state regulators to oversee companies that issue tokens. The bill further discusses legislation on who can issue stablecoins and the requirements to pay for stablecoins. If approved, the bill would be the first comprehensive guidance on regulation and enforcement of the US stablecoin market. The bill also proposes a moratorium on the use of collateralized stablecoins for two years from the date of enactment.
If approved by the committee and passed by the US House of Representatives and Senate, the bill would be the first example of US encryption legislation. The latest version also grants federal regulators some additional authority over previous versions. These powers include the pow er to intervene in state regulation of issuers in emergency situations. States also have the power to hand over their regulatory responsibilities to federal regulators if necessary.
The previous draft bill, published on April 24, focused on stablecoin payments rather than regulating other aspects of the digital asset market, such as custody providers and algorithmic stablecoins. The latest version of the bill is more concise and gives state legislation s specific powers.
