The Financial Services Committee of the United States House of Representatives has released the third draft of the stablecoin bill introduced by its chairman, Representative Patrick McHenry. The latest draft of the bill is bipartisan and includes specific proposals from Republican and Democratic committee members.
The bill titled The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem was first proposed on June 8 and is expected to be discussed during the next committee hearing on June 13.
The latest version of the bill proposes the US Federal Reserve as the key regulator in charge of formulating the requirements for the issuance of stablecoins. At the same time, however, the bill aims to offer state regulators powers to oversee the companies issuing the tokens.
The bill further discusses legislation on who can issue stablecoins and the requirements for a payment stablecoin. If passed, the bill will be the first comprehensive guide on the supervision and enforcement of stablecoin markets in the United States. The bill also proposes a two-year moratorium on collateralized stablecoins from the date of enactment.
If passed by committee and passed by the US House of Representatives and Senate, the bill would become the first example of crypto legislation in the United States.
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The latest version also gives some additional authority to the federal regulator compared to the previous version. These powers include the power to intervene against issuers regulated by the State in cases of emergency. States would also have the right to hand over their oversight duties to the federal watchdog if necessary.
He previous version of the bill, issued on April 24, focused on stablecoin payments rather than overseeing other aspects of digital asset markets, such as custodial service providers and algorithmic stablecoins. The latest version of the bill is more concise and also gives specific powers to state legislatures.
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