{"id":20985,"date":"2025-02-07T17:06:11","date_gmt":"2025-02-07T15:06:11","guid":{"rendered":"https:\/\/forklog.com\/en\/us-congress-unveils-draft-bill-for-stablecoin-regulation\/"},"modified":"2025-02-07T17:06:11","modified_gmt":"2025-02-07T15:06:11","slug":"us-congress-unveils-draft-bill-for-stablecoin-regulation","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/us-congress-unveils-draft-bill-for-stablecoin-regulation\/","title":{"rendered":"US Congress Unveils Draft Bill for Stablecoin Regulation"},"content":{"rendered":"<p>The chairmen of the US House Financial Services Committee and the Subcommittee on Digital Assets, French Hill and Bryan Steil, have released a draft bill aimed at regulating stablecoins.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">?NEW: Chairman <a href=\"https:\/\/twitter.com\/RepFrenchHill?ref_src=twsrc%5Etfw\">@RepFrenchHill<\/a> and <a href=\"https:\/\/twitter.com\/RepBryanSteil?ref_src=twsrc%5Etfw\">@RepBryanSteil<\/a> today released their discussion draft for <a href=\"https:\/\/twitter.com\/hashtag\/stablecoins?src=hash&#038;ref_src=twsrc%5Etfw\">#stablecoins<\/a>.<\/p>\n<p>Read more?<a href=\"https:\/\/t.co\/wIzov4s99t\">https:\/\/t.co\/wIzov4s99t<\/a><\/p>\n<p>\u2014 Financial Services GOP (@FinancialCmte) <a href=\"https:\/\/twitter.com\/FinancialCmte\/status\/1887622136665186388?ref_src=twsrc%5Etfw\">February 6, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The document aims to &#8220;provide a pathway for issuers of &#8216;stablecoins&#8217; at both the state and federal levels.&#8221;<\/p>\n<p>The 47-page document offers detailed guidance on implementing a clear regulatory framework for payments backed by US dollar stablecoins, with the goal of reinforcing the USD&#8217;s status as a global reserve currency.<\/p>\n<p>The bill introduces a two-year ban on issuing &#8220;stablecoins&#8221; backed solely by digital assets. It mandates the Treasury Secretary to conduct a study on the risks of such tokens within the next 365 days.<\/p>\n<p>Hill and Steil have called on consumers, issuers, and stakeholders to provide their feedback.<\/p>\n<p>The legislators intend to collaborate with the Trump administration and their colleagues in Congress.<\/p>\n<p>On the same day, Federal Reserve Governor <span data-descr=\"Federal Reserve System of the United States\" class=\"old_tooltip\">Christopher Waller<\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-02-06\/fed-s-waller-says-stablecoins-could-back-dollar-s-reserve-status\"> agreed<\/a> that stablecoins could support the dollar&#8217;s reserve status.<\/p>\n<p>According to him, this asset class serves as a &#8220;pure addition to the payment system.&#8221;<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;You might need regulatory rails to confirm the existence of money [and its full backing],&#8221;<\/em> the official explained.<\/p>\n<\/blockquote>\n<p>Waller emphasized that bipartisan efforts are essential for passing digital asset legislation. Only then can the dominance of the dollar in international trade and finance be assured, he added.<\/p>\n<p>On February 4, Senator Bill Hagerty <a href=\"https:\/\/www.lummis.senate.gov\/wp-content\/uploads\/GENIUS-Act_.pdf\">introduced<\/a> a proposal to create a regulatory system for stablecoin issuers, dividing oversight responsibilities between state agencies and the Federal Reserve with the <span data-descr=\"Office of the Comptroller of the Currency\" class=\"old_tooltip\">OCC<\/span> at the US Treasury.<\/p>\n<p>David Sacks, head of the<a href=\"https:\/\/forklog.com\/en\/news\/white-house-working-group-to-assess-a-national-crypto-reserve\"> Digital Asset Markets Working Group<\/a> and special advisor to Donald Trump on AI and cryptocurrencies<a href=\"https:\/\/forklog.com\/en\/news\/trump-nominates-david-sacks-as-crypto-czar\">, noted<\/a> that the primary task of the structure is to enact stablecoin legislation.<\/p>\n<p>Earlier, the <span data-descr=\"Securities and Exchange Commission of the United States\" class=\"old_tooltip\">SEC<\/span> <a href=\"https:\/\/forklog.com\/en\/news\/sec-lifts-ban-on-banks-holding-cryptocurrencies\">rescinded<\/a> Staff Accounting Bulletin <span data-descr=\"Staff Accounting Bulletin\" class=\"old_tooltip\">SAB<\/span> 121. The document effectively prohibited banks from holding digital assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The chairmen of the US House Financial Services Committee and the Subcommittee on Digital Assets, French Hill and Bryan Steil, have released a draft bill aimed at regulating stablecoins. ?NEW: Chairman @RepFrenchHill and @RepBryanSteil today released their discussion draft for #stablecoins. Read more?https:\/\/t.co\/wIzov4s99t \u2014 Financial Services GOP (@FinancialCmte) February 6, 2025 The document aims to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,807,1230],"class_list":["post-20985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-stablecoins","tag-us-congress"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=20985"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20985\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/20984"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=20985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=20985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=20985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}