The U.S. House of Representatives Financial Services Committee has published the third version of the bill to regulate stablecoins, which Cointelegraph journalists have read.
The paper titled “The Future of Digital Assets: Bringing Clarity to the Cryptocurrency Ecosystem” will be discussed at an upcoming committee hearing on June 13th.
#NEW: President @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
According to the updated text, lawmakers have proposed the US Federal Reserve (Fed) as the oversight body for the stablecoin industry. This obliges the regulator to prepare future requirements for the release of assets.
Other affiliated agencies will also be empowered to track the activities of issuing companies.
The paper discusses who can issue such assets and the requirements for payment stablecoins. The initiative also includes a two-year moratorium on collateralized stablecoins.
If approved, the bill will be the first guidance for overseeing and enforcing stablecoin markets in the United States. Legislators from both parties worked on the document.
The bill to regulate stablecoins was first introduced in April. In the original version, broad attention was paid to the activities of issuers and control over them.
Later, congressmen proposed an updated version of the document that deprives the US Securities and Exchange Commission of jurisdiction over this asset class.
Recall that during the hearings in Congress, politicians criticized the bill for outdated data in the process of preparation and insisted on updating the information for the next meeting.
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