US House Financial Services Committee Releases Draft Stablecoin Regulation Proposal
On June 9, the US House Financial Services Committee released a new draft of major stablecoin regulatory legislation, which will be further discussed at a committee hearing on June 13. The draft would require the Federal Reserve to establish requirements for stablecoin issuance, but would still allow state regulators to oversee companies issuing these tokens. It also grants the Fed additional powers, including the authority to intervene with state-regulated issuers in emergency situations. States may also transfer their regulatory responsibilities to federal regulators.
On June 9, the US House Financial Services Committee released a new draft of major stablecoin regulatory legislation, which will be further discussed at a committee hearing on June 13. The draft would require the Federal Reserve to establish requirements for stablecoin issuance, but would still allow state regulators to oversee companies issuing these tokens. It also grants the Fed additional powers, including the authority to intervene with state-regulated issuers in emergency situations. States may also transfer their regulatory responsibilities to federal regulators.