Cryptocurrency regulations in the US are more on the agenda than ever before. Concurrent with the SEC lawsuits, the US House Financial Services Committee is releasing its third draft stablecoin this year, ahead of next week’s Binance hearing.
New cryptocurrency law for stablecoin regulations in the US
The chairman of the House Financial Services Committee has released a new draft of the leading US legislative proposal to oversee stablecoins. The new law includes compromises with Republicans and Democrats.
The bill released Thursday is still just a draft. It is intended to be discussed further at a committee session on June 13, which coincides with the SEC’s Binance and Ripple lawsuits. Meanwhile, the related bill marks another potential move towards a negotiation between the two parties for the right step in cryptocurrency regulation in the US.
cryptocoin.comAs you follow, June 13 will be a historic day for the cryptocurrency market.
Power to Fed to intervene in stablecoin companies in emergencies
According to a committee spokesperson, this rather short new draft is intended to begin consolidating some of the bipartisan positions and also garner more points from Republican committee members. This release will require the Fed to write requirements for issuing stablecoins. However, it will still allow state regulators to scrutinize token issuers.
It also gives the Fed several additional powers over the Republicans’ previous bill, including the power to intervene in state-regulated stablecoin companies in emergencies. States will also be able to delegate oversight duties to federal regulators.
New law includes compromise with Republicans and Democrats
Panel chair Representative Patrick McHenry (RN.C.) has been making stablecoin legislation a priority since last year before taking over the committee. McHenry has continued to work since he came to power. But Democrats complained that Republicans had rewritten the bill without their input. They later released their own versions.
The bill’s narrow scope and past bipartisan support have been strengths of efforts to date. However, it is not yet clear what Democrats think about the final version. If the bill were passed by both houses of Congress, it would create the first US regulations for stablecoins.
The new draft also cuts out a previous section that called for research into the merits of the digital dollar, an increasingly controversial idea criticized by Republicans, despite insisting that the Fed has not taken a position on whether there is such a central bank digital currency (CBDC). .
Which cryptocurrencies are on the radar?
The US committee plans to discuss in detail the regulation that addresses stablecoins on June 13. Decisions from here will directly affect the largest stablecoins in the market:
- Tether (USDT)
- USD Coin (USDC)
- Binance USD (BUSD)
- Dai (DAI)
- TrueUSD (TUSD)
- Pax Dollar (USDP)
- USDD (USDD)
- Gemini Dollar (GUSD)
- TerraClassicUSD (USTC)
- Frax (FRAX)
- USDJ (USDJ)
- Liquidity USD (LUSD)
- Tribe (TRIBE)
- STASIS EURO (EURS)
- USDX [Kava] (USDX)
- XSGD (XSGD)
- Vai (VAI)
- Euro Coin (EUROC)
- sUSD (SUSD)
- Celo Dollar (CUSD)
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