The Republican chair Patrick McHenry has presented the third iteration of the stablecoin bill to the House Committee on Financial Services. The bill will be up for discussion on June 13 and, if approved, could become the first form of crypto legislation in the U.S.
The most recent version of the bill is intended to be bipartisan and incorporates proposals from both the Republican and Democratic financial services committees.Â
The bill proposal titled “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem” was introduced on June 8 and is anticipated to be discussed at the June 13 committee hearing.
The most recent iteration of the bill proposes the Federal Reserve as the primary regulator tasked with drafting requirements for stablecoin issuance. Nonetheless, the bill seeks to give state regulators the authority to oversee the companies issuing tokens.
The bill also addresses who can issue these stablecoins and the requirements for a stablecoin payment. If passed, the law will provide the first comprehensive guidance regarding overseeing and enforcing stablecoin markets.
From the date of enactment, the measure also proposes a two-year moratorium on collateralized stablecoins.
If approved by the U.S. House of Financial Services Committee and the U.S. Senate, the measure would become the country’s first crypto-specific legislation.
The most recent version of the measure also provides the federal regulator with a few additional authorities. These additional powers include the authority to intervene in emergencies against state-regulated issuers. States could delegate their oversight responsibilities to the federal watchdog if necessary.
The previous version of the proposed legislation was released on April 24 and focused on stablecoin payments rather than other aspects of digital asset markets, such as custodial service providers and algorithmic stablecoins. And the most recent version of the measure has become more concise while granting the state legislature certain powers.
