The draft version of the stablecoin bill, representing the US’s first major crypto legislation, has been released by the US House of Representatives.
US House of Representatives Financial Services Committee about stablecoins which will be discussed at the session on Wednesday. published a draft version of the new bill. Pausing due to differences of opinion in the congress in 2022 negotiations on 19 April It will be brought up again at the House of Representatives Financial Services Committee meeting.
This draft, which will be reviewed and developed by the US House of Representatives, is a discussion on stablecoins backed by other cryptocurrencies. moratorium And US Federal Reserve (FED) of a Digital Central Bank Currency considered to be issued by (CBDC) includes a request for a study of its potential impact.
The Fed is currently investigating a possible government-backed stablecoin project, but the new bill is specifically designed to support stablecoins. place in the financial system, stability And user privacy demands the elaboration of critical issues such as
Circle manager will also attend
session on Wednesday USD Coin (USDC) Dante Disparte, chief strategy officer at issuer Circle, will also join. Finally Silicon Valley Bank (SVB) Circle, which had exposure to more than $3 billion in its bankruptcy, could not prevent USDC from losing its dollar peg. Disparte’s role in the trial is thought to be relevant to clarifying this de-peg incident.
While the 73-page draft for now aims to examine in detail the financial problems that stablecoins backed by a cryptocurrency can create. Terra (Luna) supported by terraUSD (UST) collapse and USDC will consider cases such as the dollar losing its stability.
If the bill is approved, all companies that want to issue stablecoins in the USA according to the current details will have to register with regulatory agencies and the control of companies that do not have a banking license will be transferred to the FED. According to the lines of the bill, those who issue unregistered stablecoins Up to 5 years in prison and a $1 million fine they may meet.
The bill is critical for the first major cryptocurrency deposits to take effect across the US in 2023. Although certain titles seem to have been clarified already, until the draft is finalized. over the next months Discussions and discussions by committee members will continue.