US House Committee Publishes Revised Stablecoin Bill

The Financial Services Committee of the House of Representatives has published the third draft of the stablecoin bill introduced by its chairman, Representative Patrick McHenry.

The most recent version of the measure includes specific proposals from both Republican and Democratic committee members.

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 bill’s latest version proposes the U.S. Federal Reserve as the primary regulator to formulate stablecoin issuance requirements.

Nonetheless, the bill seeks to give state regulators the authority to oversee the companies issuing tokens.

The bill discusses who can issue stablecoins and the requirements for a payment stablecoin in greater detail.

If passed, the law will be the first comprehensive regulation of stablecoin markets in the United States.

From the date of enactment, the measure also proposes a two-year moratorium on collateralized stablecoins.

If approved by the committee and passed by the U.S. House of Representatives and Senate, this measure would be the first instance of crypto-specific legislation in the United States.

The most recent version also grants the federal regulator additional authority compared to the previous version.

These powers include the authority to intervene in emergencies against state-regulated issuers. States could also transfer their oversight responsibilities to the federal watchdog if necessary.

The previous version of the draft law, released on April 24, was more concerned with stablecoin payments than other aspects of digital asset markets, such as custodial service providers and algorithmic stablecoins.

The most recent version of the measure is more concise and also grants specific powers to state legislatures.