U.S. House Committee Publishes Draft Stablecoin Bill
The U.S. House Financial Services Committee (FSC) published a draft version of a stablecoin bill, with proposals including a two-year moratorium on stablecoins backed by other cryptocurrencies and a request to study a central bank digital currency (CBDC). The draft puts the Federal Reserve in charge of non-bank stablecoin issuers, whereas insured depository institution issuers would fall under the appropriate federal banking agency supervision. Among the factors for approval is the ability of the applicant to maintain reserves backing the stablecoins with U.S. dollars or Federal Reserve notes, Treasury bills with a maturity of 90 days or less, repurchase agreements with a maturity of seven days or less backed by Treasury bills with a maturity of 90 days or less, and central bank reserve deposits. A subcommittee will hold a hearing on stablecoins on Wednesday, featuring Dante Disparte from USDC issuer Circle; the Blockchain Association's Jake Chervinsky; Columbia Professor Austin Campbell and New York Department of Financial Services Superintendent Adrienne Harris. https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=408691
