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House Republicans' Second Attempt at Stablecoin Legislation

Published 04/25/2023, 08:30 AM
House Republicans' Second Attempt at Stablecoin Legislation

  • House Republicans have released a new discussion draft for stablecoin legislation.
  • Personal accountability of stablecoin issuer CEOs has been emphasized.
  • Achieving immediate bipartisan support remains uncertain.

However, this new draft outlines provisions related to reserve requirements, classification as securities, and CEO accountability, serving as a starting point for negotiations with Democrats.

Draft Bill Outlines New Regulations for Payment Stablecoins

The draft bill aims to provide clearer definitions and regulations for payment stablecoins, excluding algorithmic stablecoins. It reiterates that issuers can be subsidiaries of federally insured depository institutions or state or federally-regulated nonbank companies....

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