New Draft U.S. Law Will Make It Illegal To Issue Stablecoins Without Federal ...
Three U.S. lawmakers have introduced a bill that will force private stablecoin issuers to obtain a banking charter (or license) and approval from the Federal Reserve before they can issue a stablecoin. Instigated by Rep. Rashida Tlaib, with support from Reps. Jesús García and Stephen Lynch – all of them Democrats – the proposed law will also require issuers to get prior approval from the Federal Deposit Insurance Corporation (FDIC) and other bank regulators. It will demand that any stablecoin issuers obtain FDIC insurance or “otherwise maintain reserves at....
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Are stablecoins in the sights of U.S. regulators? The decline of Terra Luna and it’s UST (and correlating LUNA) token earlier this year brought along plenty of fanfare. It’s full damage and implications, however, have clearly yet to be established; a new draft of a U.S. House bill is proposing a two-year ban on stablecoins similar to Terra’s UST stablecoin. UST depegged and caused major ripples throughout defi earlier this year. Let’s look at what the legislation could potentially bring to the market. Stablecoins Under Scrutiny? According to a report from Bloomberg,....
Federal Reserve Board Governor Christopher Waller says that stablecoins do not need to be regulated with all the same rules as banks. He disagrees with some of the recommendations on stablecoin regulation by the President’s Working Group on Financial Markets. He explained that while banks should be able to issue stablecoins, not all stablecoin issuers need to be banks. Fed’s Waller Disagrees That Stablecoins Need to Be Regulated With Full Banking Regulation Federal Reserve Board Governor Christopher Waller talked about stablecoin regulation Wednesday during a virtual....
A new bill introduced to Congress seeks to control the entire stablecoin industry by requiring all related activities to obtain federal approval first A new bill, introduced to US Congress on Wednesday night, could enforce blanket regulation on all stablecoins. If passed, any service provided in relation to these types of cryptocurrencies would become illegal without first receiving approval by multiple government bodies:"It shall be unlawful for any person to issue a stablecoin or stablecoin-related product, to provide any stablecoin-related service, or otherwise engage in any....
FEC Votes 6-0 To Allow Bitcoin Donations. 5/8/14, at an open meeting, the United States Federal Election Commission (FEC) has voted 6-0 to pass the Advisory Opinion Request 2014-02 Draft C which will expressly allow Bitcoin donations to Make Your Laws. This draft, which was today unanimously accepted by the FEC, represents the FEC's bipartisan compromise on the issue of allowing Bitcoin donations. The FEC comes to this watershed decision thanks to an inquiry from Make Your Laws, a hybrid Super Political Action Committee (PAC) that has successfully brought about change from the US....
It’s reported the bills' definition will cover “endogenously collateralized stablecoins,” which depend on the value of an attached cryptocurrency from the same creator for it to maintain a stable price. Draft legislation in the United States House of Representatives would place a two-year ban on new algorithmic stablecoins such as TerraClassicUSD (USTC) which de-pegged from the US dollar earlier this year causing widespread crypto market contagion.The bill would criminalize the creation or issuance of new “endogenously collateralized stablecoins,” according to a current draft of the....