70538527292Maxine Waters, the top Democrat on the House Financial Services Committee, has released a discussion draft outlining a proposed regulatory framework for stablecoins.

The draft proposes that federal regulators — such as the Comptroller of the Currency, the Federal Reserve, and the Federal Deposit Insurance Corporation — along with state regulators, oversee stablecoin operations. It also calls for stablecoin issuers to meet reporting requirements and maintain reserves on a one-to-one basis.

The proposal reflects Waters’ ongoing efforts with former committee Chairman Patrick McHenry to create a comprehensive approach to stablecoin regulation since 2022. Although Waters previously criticized a bill passed by the Republican-led committee last year, her current draft is inspired by those discussions. Waters has previously expressed hope for a “grand deal on stablecoins” before the end of 2024, though that goal has yet to be met. #