The bill, posted Thursday, is still just a draft, meant to be further discussed at a June 13 committee hearing, but it marks another potential move toward a bipartisan negotiation on the legislation that many believe could be the easiest way to take a first step toward U.S. regulation of crypto, said a committee spokesperson.
The Republican chair of the House Financial Services Committee has released a new draft of the leading U.S. legislative proposal for overseeing stablecoins, which includes some of the positions of both Democratic and Republican lawmakers. This version of the bill would call for the Federal Reserve to write requirements for issuing stablecoins, while state regulators would oversee the companies issuing the tokens. It also gives the Fed additional authorities, including the power to intervene against state-regulated issuers in emergency situations.
The bill, if introduced and passed by both chambers of Congress, would establish the first U.S. regulations for stablecoins – tokens tied to steady assets such as the dollar that are widely used in crypto markets for trading in and out of more volatile coins. The new draft also cuts an earlier section calling for research on the merits of a digital dollar.