New Draft Stablecoin Bill Ready

Republican chairman of the House of Representatives Financial Services Committee reported that they are preparing a new draft of the bill to oversee stablecoins. The draft also includes the opinions of Democratic lawmakers.

The draft is still in draft form and will be discussed at the committee session on 13 June. Many point out that this move by the US towards crypto regulation has made a significant headway in terms of reconciliation between the two parties.

A committee spokesperson says he thinks this new draft, which is shorter than the previous ones, will receive positive points from Republican committee members. This version requires the Fed to set new rules regarding the issuance of stablecoins, but government regulators will still be able to oversee token issuers.

The draft gives the Fed several additional powers, including the power to intervene against government-regulated issuers in emergencies. In addition, according to the draft, states will be able to delegate their inspection duties to federal observers.

Chairman of the panel, Patrick McHenry (R-N.C.), stated that he considered stablecoin legislation a priority until last year before he took over the committee. But when he took office, he did not heed, although democrats complained that republicans were re-forming the bill without their own opinion. Now, the democrats' opinion on the draft is not yet clear.

If the bill is passed by both committees of Congress, the first US regulations on behalf of stablecoins will be launched.

In addition, the draft does not include the part of the previous draft that calls for work on the digital dollar.
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