US House Committee Unveils Updated Stablecoins Bill

The U.S. House Financial Services Committee published the third version of the stablecoins regulation bill, which was seen by journalists Cointelegraph.

The document, titled “Future of Digital Assets: Providing Clarity for the Crypto Ecosystem,” will be discussed at forthcoming committee hearings on June 13.

#NEW: Chairman @PatrickMcHenry announces a hearing on the future of the digital asset ecosystem and Congress’ efforts to provide clear rules of the road.

Read more ?https://t.co/HwaPWBjJqG

— Financial Services GOP (@FinancialCmte) June 6, 2023

Under the updated text, lawmakers proposed the U.S. Federal Reserve System (the Fed) as the supervisory authority for the stablecoin industry. This obliges the regulator to prepare future issuer requirements for assets.

Other affiliated agencies would also gain authority to monitor the activities of issuing companies.

The document discusses who may issue such assets and the requirements for payments-focused stablecoins. The initiative also contemplates a two-year moratorium on collateralized “stablecoins.”

If approved, the bill would become the first framework for supervising stablecoin markets and ensuring their compliance in the United States. The bill was drafted by bipartisan lawmakers.

The initial version of the stablecoins regulation bill was introduced in April. The initial version placed broad emphasis on the activities of issuers and oversight.

Later, lawmakers proposed an updated version of the document, which would strip the U.S. Securities and Exchange Commission of jurisdiction over this class of assets.

During congressional hearings, policymakers criticized the bill for outdated data in its preparation and urged updating the information for the next session.