House draft bill seeks to regulate stablecoins and study ‘digital dollar' Cryptocurrencies
It defines the criteria for acceptable stablecoins and their issuers, outlines the regulators for each type of issuer, and proposes a comprehensive Fed-led study on a possible ‘digital dollar.’
In the context of the bill, the term ‘State’ means each U.S. State, “the District of Columbia, any territory of the United States, and each federally recognized Indian Tribe.” Crypto firms who have been clamoring for clear guidelines and timely responses from regulators will be glad to note that the draft bill also proposes fixed timelines and obligations for Federal regulators, who must notify applicants about whether or not their application is complete within 45 days of reception and must render a decision on completed applications within 90 days.
The bill also proposes a two-year moratorium on ‘endogenously collateralized stablecoins’ which are defined as “any digital asset in which its originator has represented will be converted, redeemed, or repurchased for a fixed amount of monetary value; and that relies solely on the value of another digital asset created or maintained by the same originator to maintain the fixed price.” This would forbid so-called ‘algorithmic stablecoins’ such as Terra/Luna.
The two largest stablecoin issuers, Circle, which issues USDC, and Tether, issuer of USDT, both commented on the proposed bill.
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