US lawmaker pushes for state-level regulations on stablecoins at hearing on d...
Patrick McHenry implied that the U.S.' regulation of stablecoins with a “single regulator at the federal level” would likely fail. Whether regulations on stablecoins and digital assets should be addressed at the state or federal level was the topic of discussion among at least two U.S. lawmakers in a hearing for the House Committee on Financial Services.Speaking virtually at a Tuesday hearing titled “Digital Assets and the Future of Finance: The President’s Working Group on Financial Markets’ Report on Stablecoins,” North Carolina Representative and ranking committee member Patrick McHenry....
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The mayor reportedly said the City Hall had learned more about cryptocurrencies and blockchain and how to utilize them for improved city services. In an effort to embrace virtual money, the city of Portsmouth, New Hampshire, will allow residents to pay their bills in Bitcoin (BTC) and other cryptocurrencies. Deaglan McEachern, the city's mayor, proposed the idea to city officials, who feel it will provide residents with more payment choices.As per a local news report from Seacoastonline on March 23, Mayor McEachern said that "there are waves of new things that will affect us in terms of....
Delegate Christopher T. Head introduced the bill (House Bill No. 263) back in January 2022, seeking an amendment to allow eligible banks to offer crypto custody services. The United States Senate unanimously approved a bill amendment request that now allows traditional banks operating in the Commonwealth of Virginia to provide virtual currency custody services. Delegate Christopher T. Head introduced the bill (House Bill No. 263) back in January 2022, seeking an amendment to allow eligible banks to offer crypto custody services:“A bank may provide its customers with virtual currency....
The term 'BitLicense' has officially entered into the lexicon of virtual currency terminology. The New York State Department of Financial Services (NYDFS) is considering issuing such a framework in order to regulate distributed electronic money such as bitcoin. The department, which is planning on holding an upcoming hearing regarding virtual currencies at an as-yet-unspecified date, expects to bring up the possibility of licensing the business of virtual currency money transmission. In August, it subpoenaed 22 bitcoin-related companies requesting information about the way in which they....
A proposal to study bitcoin regulation in North Dakota has reportedly run into some opposition. As reported last week by CoinDesk, North Dakota’s legislature has taken up a measure that, if passed, would mandate a study into how the state could approach putting together a legislative framework for the tech. Bill 2100 was submitted at the request of financial regulators at the end of last year, passing unanimously in the State Senate on 12th February. From there, it advanced to the North Dakota House of Representatives, the state legislature’s lower chamber, being taken up by the Industry,....
Russia can legalize cryptocurrency mining and stablecoins backed by gold under government control, a high-ranking member of the Russian parliament has suggested. The statement comes after Bank of Russia proposed a wide-ranging ban on the use of cryptocurrencies, and their trading and mining. Mining and Some Stablecoins Can Be Legalized in Russia, Duma Deputy Insists The free circulation of cryptocurrencies must not be allowed as they carry risks for unqualified investors, but Russia may permit the use of gold-backed stablecoins and the mining of cryptocurrencies under government control,....