The United States House Financial Services Committee has released the third draft of a stablecoin bill, proposed by Representative Patrick McHenry, the committee chair. The latest version of the bipartisan bill incorporates specific proposals from both Republican and Democratic committee members. Titled “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem,” the draft bill was initially introduced on June 8 and is set to be discussed during an upcoming committee hearing on June 13.
Under this latest version of the bill, the U.S. Federal Reserve would be designated as the primary regulator responsible for establishing requirements for issuing stablecoins. Simultaneously, the bill aims to empower state regulators with the authority to oversee the companies issuing these tokens.
The bill also addresses legislation related to the issuance of stablecoins and outlines requirements for payment stablecoins. If approved, this bill would be the first comprehensive guidance on the supervision and enforcement of stablecoin markets in the United States. Additionally, it proposes a two-year moratorium for collateralized stablecoins from the date of enactment.
If the bill is approved by the committee and subsequently passed by the U.S. House of Representatives and the Senate, it would represent a significant milestone as the first crypto legislation in the United States. The latest version of the bill also grants additional authority to federal regulators compared to the previous draft, including the power to intervene in emergency situations involving state-regulated issuers. Furthermore, states would have the option to delegate their supervisory responsibilities to the federal watchdog if necessary.
The earlier version of the draft bill, issued on April 24, primarily focused on stablecoin payments and did not encompass oversight of other aspects of digital asset markets, such as custodial service providers and algorithmic stablecoins. The current version of the bill is more concise and specifically grants powers to state legislatures as well.
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