Representative Patrick McHenry, leading the United States House Financial Services Committee, has revealed the third version of the stablecoin bill.
The bill, titled “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem,” was introduced on June 8 and is scheduled for discussion during the upcoming committee hearing on June 13. If passed, it would become the first official crypto-related law in the United States, signifying a significant milestone.
The latest draft of the bill designates the U.S. Federal Reserve as the primary regulatory authority responsible for establishing the criteria for issuing stablecoins. Additionally, it grants state regulators the authority to oversee the companies involved in issuing these tokens. The bill also outlines the requirements for payment of stablecoins and addresses the issuance of stablecoins in general. Its passing would establish the first comprehensive framework for supervising and enforcing regulations in the stablecoin market within the United States.
Moreover, the bill proposes a two-year moratorium on collateralized stablecoins starting from the date of enactment.
Notably, the latest version of the bill no longer includes a previous provision that aimed to explore the potential benefits of a digital dollar. This idea sparked controversy and received criticism from Republicans, despite the Federal Reserve maintaining a neutral stance on the necessity of a central bank digital currency (CBDC) for the country.
Meanwhile, amidst the evolving regulatory landscape surrounding stablecoins, cryptocurrency markets and operators in the United States face challenges on other fronts. The Securities and Exchange Commission (SEC) has recently taken legal action against two prominent crypto exchanges, Binance and Coinbase, initiating regulatory proceedings. The lawsuits allege various violations, such as failure to register as licensed brokers and offering unregistered securities. These actions highlight the increasing scrutiny and enforcement efforts by regulatory authorities in the cryptocurrency space.