THELOGICALINDIAN - Multiple aggressive bills could be alien to Congress in the advancing weeks
A bill acclimation stablecoins aural the U.S. could be alien as aboriginal as this month, according to a address from Blockworks.
Bills Could Be Introduced This Month
An bearding antecedent has reportedly told Blockworks that aggressive versions of a U.S. stablecoin adjustment bill could be alien by the end of this month.
U.S. Representative Josh Gottheimer produced an early draft of the bill in February. That abstract proposed a “qualified” analogue that would administer to stablecoins issued by banks and added institutions.
The aim of the bill seems to be accompanying to a report on stablecoins from the President’s Working Group on Financial Markets (PWG). Among added things, that workgroup appropriate that stablecoin issuers should be adapted by the Federal Deposit Insurance Corporation (FDIC), aloof as banks are currently regulated.
Though there is reportedly some altercation over the advice independent aural the bills, it is said that the bills’ agreeable will about affair stablecoin reserves.
Bill Could Avoid Tether-Like Problems
Currently, stablecoins can be issued by any academy or accumulation with actual little authoritative blank from the United States.
Tether, which issues the USDT stablecoin, has been scrutinized agonizingly by regulators. In Oct. 2021, Tether was fined by the CFTC for misrepresenting its reserves. Tether and its sister aggregation Bitfinex were targeted by the New York Attorney General’s appointment in 2019 for allegedly accoutrement up missing funds.
Ron Hammond of the Blockchain Association told Blockworks that the accessible bill acceptable aims to “prevent addition bearings like Tether” by acute audits of stablecoins issuers and by allegorical which assets can be acclimated in stablecoin reserves.
The bill could additionally pave the way for the development of a axial coffer agenda bill (CBDC) abroad in the U.S. government. The Federal Reserve produced a CBDC address in January.
Disclosure: At the time of writing, the columnist of this allotment endemic BTC, ETH, and added cryptocurrencies.
