In the US, Congressman Josh Gottheimer has drafted a new bill for stablecoins, which is still unclear how to regulate it legally.
Presented by Democratic Party member Gottheimer Stablecoin Innovation and Actions Act The bill, called which stablecoins can be legally to be qualifiedthe value of these stablecoins how to separate from volatile cryptocurrencies and investors from the associated risks how to protect contains definitions.
For a stablecoin to qualify under this bill, its 1:1 convertible to US dollars and must be issued by an insured depository institution such as a bank or a different issuer that meets certain conditions.
Restrictions to be imposed on the issuance of stablecoins, with systematic risks, tackling risks of fraud and illegal financing it will be useful is being considered.
According to the new draft, in order for a non-bank institution to issue a private stablecoin, its entire reserve must be US dollars, US government-issued securities and/or other entities that have been approved by the OCC.
Cash assets that this institution will provide as collateral are required to be kept in an account insured by the Federal Deposit Insurance Corporation (FDIC).
Stablecoin Innovation and Actions Act why you prepared Speaking on the subject, Congressman Gottheimer said, “The growth seen in cryptocurrencies carries enormous potential value for our country’s economy. But in order for cryptocurrencies to grow in the US and not abroad, we need to introduce some openings to this industry that will encourage innovation and protect consumers.” said.