According to Odaily, U.S. Democratic Representative Maxine Waters has introduced a proposal for stablecoin regulation. The proposal suggests that the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) oversee stablecoin issuers. It also mandates that registered issuers maintain a 1:1 reserve ratio. Last week, Republican Representatives French Hill and Bryan Steil put forward a similar bill, advocating for the OCC to regulate non-bank stablecoin issuers without requiring Federal Reserve approval.