On June 9th, the Republican leader of the House Financial Services Committee introduced a revised draft of the primary legislative proposal for regulating stablecoins. The newly released draft synthesizes certain viewpoints put forth by Democratic lawmakers and includes additional input from Republican committee members. The bill requires that the Federal Reserve create guidelines for issuing stablecoins, while also allowing state regulators to supervise the companies that issue these tokens. The new draft grants the Federal Reserve more power than the previous Republican proposal. This includes the ability to intervene in emergencies involving state-regulated issuers, and states may choose to transfer their supervisory responsibilities to the federal regulatory body. This legislation would establish the first U.S. regulations for stablecoins, which are digital tokens linked to stable assets like the U.S. dollar. Traders commonly use these tokens in cryptocurrency markets to facilitate trading between more volatile coins. The revised draft eliminates a previous section that called for research on the potential benefits of a digital dollar. The draft is still preliminary and will be further discussed during a committee hearing chaired by Rep. Patrick McHenry, R-N.C., on Tuesday. Copyright © 2023 MT Newswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.
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