#USStablecoinBill
"Direction and Establishment of National Innovation for US Stablecoins" aimed at putting a regulatory framework for stablecoins, supported by members from both the Democratic and Republican parties, including Kirsten Gillibrand, Tim Scott, and Cynthia Lummis. The project imposes standards to link 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 faltered due to disagreements over the role of local regulators. It also coincides with former President Donald Trump's support for enhancing the United States' leadership in cryptocurrency, as he issued an executive order in August to form a federal task force to regulate digital assets.
