NEW: House Democrats are weighing their own stablecoin bill that boosts consumer protections and would give the federalreserve a stronger role over stablecoin issuers -- a likely point of conflict with Republicans. nikhileshde jesseahamilton report
A bill to address stablecoins -- tokens tied to steady assets such as the dollar that are widely used in crypto markets for trading in and out of more volatile coins -- has been a top priority of U.S. lawmakers seeking to get a handle on crypto oversight. The House committee's leaders had neared a compromise version last year, but they didn't manage to introduce it. It finally saw the light of day ahead of a hearing on the issue last month.
According to the person familiar, the new Democrat version of the bill has a greater focus on consumer protection issues and would not allow non-bank stablecoin issuers to tap Federal Reserve programs. Both efforts share common ground in defining “payment stablecoins” as a specific classification of the digital asset type. The Democrat proposal also continues to call for a moratorium on algorithmic stablecoins, a stipulation that the Republican counterpart dropped.on stablecoins legislation, making four crypto hearings for the panel in a month., though committee members had expressed frustration that McHenry and Waters weren’t taking their input.
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