The United States legislators from the House of Representatives have introduced A bill to prepare a framework for issue and operation of dollar-denominated “payment stablecoins”, including a mandate that issues must be granted permission to legally issue Stablecoins in the United States, and they must maintain 1: 1 reserves supported by cash, short-term US government debt or central bank reserves.
A Discussion draft In the bill, entitled Stablecoin Transparency and Accountability for a Better Ledger Economy (Stable) ACT, was proposed by the Financial Services Committee (FSC) chairman French Hill (R-AR) and digital assets, financial technology and sub-Committee’s subcomité -Wi) on February 6th.
“By building on our work with digital assets in the latest congress, our draft will provide clarity for payment Stablecoins and ensure a federal and state path for Stablecoin issuers,” Hill said.
According to the Co-signal for the bill, Steil: “By implementing a clear regulatory structure for payment stablecoins, we can support continued innovation, strengthen the American dollar position as the world’s reserve currency and protect consumers and investors.”
Among other measures, the stable law strengthens the office for the foreign exchange controller (OCC) – a federal agency that regulates and monitors national banks and federal savings associations – to regulate non -bank Stablecoin issuers.
The bill also states that “a person may only conduct the business to provide storage or storage services for permissible payment stablecoins or private keys with permissible payment of Stablecoins if they are covered by federal or state financial monitoring.”
In addition, issuers must provide monthly public information of their StableCoin reserves, and these reserves cannot be pledged, rehearsed or reused to lend “in addition to creating liquidity to meet reasonable expectations of redemption.”
Build clarity for stablecoin act
FSC’s press release also noted how the stable law differs from its predecessor Bill, Clarity for Payment StableCoins ACT from 2023, presented by the former house for financial services Patrick Mchenry and passed from the Committee Stadium in the former congress with two -party support .
The progress on the law on clarity for Stablecoins eventually ended for the 2024 election.
However, the new FSC chairman Hill has taken up the baton and was anxious to emphasize how his stable act is based on Mchenry, “to provide Several regulatory paths For payment of Stablecoin issuers in the United States. “
According to Hill, an important difference between the clarity of the payment of Stablecoin ACT and the stable law that the latter provides OCC’s authority to approve and monitor federally qualified non -bank payment stablecoin issuers, while the former includes a road at the Federal Reserve for payment for Payment Stablecoin issuers.
Senate Genius Act
Hill also praised parallel efforts in the Senate to develop StableCoin legislation, especially the two -party that guided and establish national innovation for US Stablecoins (Genius), which was introduced February 4 by the Senators Bill Hagerty (R-TN), Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY).
Among the most important goals of Genius is to define payment stablecoins as “a digital asset used for payment or settlement It is linked to a fixed monetary value, “establishing procedures for companies that are looking for licenses to issue Stablecoins and clear regulations for Stablecoin issuers exceeding $ 10 billion in market value.
Compared to the stable law, Genius Act sets stricter audit requirements for large Stablecoin issuers, but both bills for increased demands for these large-scale players.
Legislators from both congress chambers have emphasized that companies like TetherThe world’s largest Stablecoin -issuer after marketing, must comply with regulations or cease issue in the United States.
Although Tether provides quarterly reports on his reserves has it before review so as not to maintain full audits.
Both chambers aim at StableCoin -Regulation
FSC was anxious about Underline The uniform goals of both congress chambers when it comes to Stablecoin control.
“The Committee – Under Chairman Hill and Sub -Committee Chairman Steil’s leadership – will pick up the torch and work in a bic camera with chairman Scott and senators Hagerty and Lummis to pass the federal payment Stablecoin legislation and send to President Trump’s desk,” stated on February 6 Press release .
“Both approaches represent an effort among Republicans to give the robust protectors and transparency consumers expect, provide federal and state roads for Stablecoin issue and secure the United States as a leader in digital finance.”
The introduction of two separate Stablecoin bills in the chamber and the Senate within a week’s space shows the urgency of both chambers to promote Stablecoin legislation this year.
Senator Lummis said: “I look forward to working with my friends in the house to pass the two -party legislation that protects our double banking system.”
At the same time, Senator Scott emphasized that “creating a regulatory framework for Stablecoins is crucial to ensure that the industry can renew and grow here in the United States – while the US dollar’s global position, protecting consumers and facilitating economic inclusion.”
The exact timeline for committee considerations for the two legislative proposals is not yet clear, but their two-party support has set the expectations that StableCoin legislation will be one of the less controversial digital asset-related substances for congress in the coming months and years.
The sponsors for both bills are currently welcoming industry feedback and comments.
Look at Spotlight On: Centi Franc – the truly stable Stablecoin
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