A discussion draft of federal stablecoin legislation has been released by a member of Congress, a move that comes the morning of a hearing on the subject in the US Senate.
from a White House-led working group on stablecoins, is to limit issuance to"a bank or a non-bank qualified stablecoin issuer" per Tuesday's statement.
"The non-bank issuer must maintain at least 100% reserve assets consisting of U.S. dollars, U.S. government-issued securities such as U.S. Treasuries, and other assets as deemed appropriate by the Office of the Comptroller of the Currency . The cash collateral must be held in a segregated Federal Deposit Insurance Corporation -insured account," the summary states.
“The expansion of cryptocurrency offers tremendous potential value for our economy. But for cryptocurrency to grow and thrive here in the United States, instead of overseas, we must provide more direction and certainty to the marketplace to help boost innovation and protect consumers,” Gottheimer said in a statement.
Sources close to the House Financial Services Committee had anticipated that Gottheimer would introduce this bill last week on the same day of its hearing with Treasury official Nellie Liang. However, other Democrats on the committee didn't seem intent on making this bill the focus of their planned legislative push around stablecoins.
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