Members of the U.S. House of Representatives are circulating a new draft bill to provide a comprehensive regulatory framework for stablecoins in the U.S.
Talks around legislation restarted after a new Congress convened in January, and the House Digital Assets, Financial Technology, and Inclusion Subcommittee will hold a hearing on the topic on Wednesday.
Here are highlights of what the draft bill would do if it becomes law:
- Put the Federal Reserve in charge of nonbank stablecoins
- A (temporary) ban on new stablecoins without fiat backing
- Allow the government to set interoperability standards
- Direct the Fed to study a digital dollar
The full article is available at https://www.theblock.co/post/226575/new-stablecoins-bill-draft-introduced-house-of-representatives