#USStablecoinBill US advances in stablecoin regulation with new bipartisan bill
The US Congress has introduced a bipartisan bill aimed at establishing a clear regulatory framework for stablecoins issued by private entities, such as USDC and USDT. This legislation is seen as an important step to provide legal certainty for the crypto sector.
Key points of the bill:
Only authorized institutions will be allowed to issue USD-backed stablecoins.
It requires verifiable 1:1 reserves and periodic audits.
It prohibits algorithmic stablecoins without tangible backing.
The SEC and the Federal Reserve will work together with a new digital financial oversight body.
Reactions from the sector:
Circle (issuer of USDC) and Coinbase have expressed their support.
Tether remains silent for now.
Some crypto advocates warn about excessive centralization.
