New stablecoin bill draft released by US House committee.

The House Financial Services Committee in the United States has released the third draft of a proposed bill regarding stablecoins, which was presented by its chair, Representative Patrick McHenry. The latest version of the bill is bipartisan and includes input from Republican and Democratic committee members.

The bill, titled “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem,” was initially proposed on June 8 and is expected to be discussed during an upcoming committee hearing on June 13.

The latest version of the bill proposes that the US Federal Reserve be the main regulator responsible for formulating requirements for issuing stablecoins. However, the bill also aims to provide state regulators with powers to oversee the companies issuing the tokens.

The bill also includes legislation regarding who can issue stablecoins and the requirements for payment stablecoins. If approved, this would be the first comprehensive guidance on the supervision and enforcement of stablecoin markets in the United States. The bill also proposes a two-year moratorium for collateralized stablecoins from the date of enactment.

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If approved by the committee, as well as the US House of Representatives and the Senate, this would be the first example of crypto legislation in the United States.

The latest version of the bill grants additional authority to the federal regulator compared to the previous version, including the power to intervene against state-regulated issuers in cases of emergency. States would also be able to pass their supervision duties to the federal watchdog if necessary.

The previous version of the bill, which was issued on April 24, focused solely on stablecoin payments, rather than overseeing other aspects of digital asset markets, such as custodial service providers and algorithmic stablecoins. The latest version is more concise and provides specific powers to state legislatures.

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