U.S. Rep. Maxine WatersWaters Floats Stablecoin Bill Draft Ahead of Thursday House Hearing

05/17 03:10

According to Blockworks, U.S. Rep. Maxine Waters, D-Cali., is circulating her own stablecoin bill ahead of this week’s House hearing. The new draft includes the same key points as the bill circulated last session, which representatives were unable to push through. Its purported areas of concern include how issuers are licensed, how reserves are evaluated and how stablecoins tied to other cryptocurrencies are regulated. On Thursday, the House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion will meet to discuss stablecoin legislation for the second time this session. Rep. Waters’ discussion draft makes no changes to the current responsibilities or authorities of the Treasury, the Bureau of Consumer Financial Protection, the SEC or the CFTC. Institutions looking to issue stablecoins must apply through “the appropriate federal payment stablecoin regulator,” Rep. Waters’ draft states. The appropriate regulators include the Federal Reserve Board of Governors, the Comptroller of the Currency, the National Credit Union Administration and the Federal Deposit Insurance Corporation (FDIC). Factors taken into consideration for approval include the issuers’ ability to maintain reserves, the benefit provided to the public and the issuers’ promotion of financial inclusion. Issuers could apply through state regulators, Waters’ bill states, but the Fed Board can still “issue rules” for these parties. Waters’ version additionally specifies that the Fed can decline state-qualified payment stablecoins from registering on a federal level.

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