The House Financial Services Committee published a draft stablecoin bill ahead of a hearing on stablecoins. nikhileshde breaks it down for this week's State of Crypto newsletter.
. In short, the bill would create categories of stablecoin issuers, whether they’re banks or nonbank entities; push for a temporary ban on algorithmic stablecoins, and call for a study of the potential impact from a central bank digital currency.The stablecoin bill has long been rumored as a piece of bipartisan legislation with genuine support from Reps. Maxine Waters and Patrick McHenry , then the chair and ranking member of the House Financial Services Committee .
In a statement, a Tether spokesperson said, “We remain hopeful that stablecoin regulation will provide much-needed clarity for larger corporates, institutions and fintech companies looking to enter the crypto market. As financial regulators address the risks of stablecoins, they should articulate the larger goal of modernizing our payments system and increasing access to the financial system. We believe that greater regulatory clarity will benefit the digital token economy.
Things get really interesting on page 64, section 106, which calls for a two-year moratorium on “endogenously collateralized stablecoins” that aren’t already in existence, referring to stablecoins that are backed by other digital assets or use some other mechanism to maintain their value.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Speakers prepare to tell US House Financial Services Committee about stablecoinsThe U.S. House Committee on Financial Services will hear from expert witnesses at a hearing on stablecoin regulation April 19.
Read more »
Bitcoin Financial Services Firm Unchained Capital Raises $60MBitcoin financial services provider unchainedcap has raised $60 million in a new funding round led by Valor Equity Partners with NYDIG among the participants. BrandyBetz reports
Read more »
Goldman Sachs is watching for 'cannibalization' from Apple's new savings accountGoldman Sachs is Apple's primary banking partner for its iPhone financial services.
Read more »
Summer House Recap: Welcome to the Rad HouseSummer House is giving us nothing.
Read more »
White House invokes Trump and Reagan to attack McCarthy's debt 'brinkmanship'The Biden White House launched a new line of debt limit attacks against House Republicans ahead of House Speaker Kevin McCarthy's (R-CA) Monday speech in New York.
Read more »
Clarence Thomas to amend financial disclosure forms to reflect sale to GOP megadonor | CNN PoliticsJustice Clarence Thomas intends to amend his financial disclosure forms to reflect a 2014 real estate deal he made with a GOP megadonor -- an acknowledgment that the transaction should have been disclosed almost a decade ago, a source close to Thomas tells CNN.
Read more »