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U.S. Congress draft bill on stablecoins set to impact crypto market
11 months ago 1 min read

U.S. Lawmakers to propose new rules for stablecoins

The US House of Representatives has released a new draft bill aimed at establishing a regulatory framework for stablecoins, just ahead of a hearing on the topic scheduled for April 19. The proposed legislation would place non-bank stablecoin issuers under the supervision of the Federal Reserve, with insured depository institutions seeking to issue stablecoins being overseen by the appropriate Federal banking agency. Failure to register could result in a $1 million fine and up to five years in prison. Among the approval criteria is the ability of the applicant to maintain reserves backed by US dollars or Federal Reserve notes,