House Bill Regulatons: Can Stablecoin Issuers Survive the Proposed Bill?
- The House Financial Services Committee has unveiled its long-awaited stablecoin legislation.
- The proposed bill has called for regulating stablecoin issuers and created categories for the payment of stablecoins.
- The bill has included customer protection rules, risk management, and capital requirements.
The House Financial Services Committee has finally unveiled its highly anticipated stablecoin legislation. The proposed bill introduces distinct categories for payment stablecoin issuers, mandating that they be licensed entities at the state or federal level, and proposes a temporary ban on algorithmic stablecoins.
According to the bill, payment stablecoin issuers will be required to maintain reserves that back their stablecoins on a one-to-one basis with various assets, including United States coins and currency, Treasury bills, repurchase agreements, or central bank reserve deposits.
Tether Optimistic About Proposed Stablecoin Regulations
Continue Reading on DailyCoin