Stablecoin Bill Becomes Political Battleground: Fed And GOP Face Off
Leading Republican House Financial Services Committee members have voiced deep concerns over recent actions taken by the Federal Reserve Board (Fed) that they believe undermine the progress made by Congress in establishing a regulatory framework for payment stablecoin. In a letter addressed to Fed Chairman Jerome Powell, Representative Patrick McHenry, Representative French Hill, and Representative […]
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Pro-crypto organization Coin Center is pushing against a new legislative bill targeted at regulating stablecoin use and operations. In a public statement released on Friday, the US-based advocacy group heavily criticized the Lummis-Gillibrand Payment Stablecoin Act, describing it as “unconstitutional” and anti-innovation. Related Reading: ‘Ethereum Wins Big’ With New US Stablecoin Draft Bill: Expert Latest […]
The STABLE Act would force all stablecoin issuers to have bank licenses, a shot across the bow that portends an emerging legal challenge for the industry.
A top post on /r/Bitcoin at the moment has quite the misleading title. The specific document linked is merely the latest revision of the bill with analysis from the State Assembly's Banking and Financial Institutions Committee and dates to 1/23/14. The post has caused many to mistakenly believe that either the bill has become a law or the bill has been passed and is awaiting signing to become a law. Both of which are quite untrue and reveal ignorance of political processes. While I understand that Reddit is a worldwide community without general understanding of the American legislative....
Rep. Rashida Tlaib, Rep. Stephen Lynch and Rep. Jesus Chuy Garcia have introduced a bill that would require stablecoin issuers to secure bank charters and either obtain FDIC insurance or maintain full reserves to operate in the U.S.
But the bill is unlikely to become law any time soon. On Wednesday night, Congresswoman Rashida Tlaib introduced a bill before the U.S. House of Representatives looking to make fiat-pegged stablecoin operators abide by the same rules and registration requirements expected of banks.The legislation, under the name “the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act,” sets out a fresh and extremely expansive definition of stablecoin. It furthermore dictates a series of limitations that outlaw stablecoin issuance for any entity that is not “an insured depository institution....