#USStablecoinBill
Republican Senator Bill Hagerty introduced the "American Stablecoin Innovation and Protection Act" aimed at establishing a regulatory framework for stablecoins, supported by members from both the Democratic and Republican parties, including Kirsten Gillibrand, Tim Scott, and Cynthia Lummis. The bill imposes standards for linking stablecoins to assets such as Treasury bonds and the dollar, requiring issuers to provide audited monthly financial reports. The law divides regulatory responsibilities between the federal government and state governments, adopting "light" standards for regulating the sector.
This proposal comes after previous legislative attempts, such as the House bill led by Maxine Waters and Patrick McHenry, which stumbled due to disagreements over the role of local regulators. It also coincides with former President Donald Trump's support for enhancing the U.S. leadership in the cryptocurrency space, having issued an executive order in August to form a federal working group to regulate digital assets.
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