Stablecoins Could Be Regulated by New Congressional Bill
Stablecoins Could Be Regulated by New Congressional Bill
DNakaMotooOfOurTime 3rd, December 2020 (4 minutes ago)
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Congresswoman Rashida Tlaib, along with Rep. Jesús “Chuy” García and Rep. Stephen Lynch, announced the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act.
A trio of Democratic lawmakers has introduced a bill that would regulate stablecoins, including Facebook’s Diem (formerly Libra).
Congresswoman Rashida Tlaib, along with Rep. Jesús “Chuy” García and Rep. Stephen Lynch, announced the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act.
The STABLE Act, as written, would require stablecoin issuers to have a banking charter and earn regulatory approval from the Federal Reserve, the FDIC, and other agencies before issuing that coin. They must also be FDIC-insured or maintain an equivalent number of dollars at the Federal Reserve.
That's a high threshold to meet.
Even the so-called "crypto banks" that have earned bank charters in Wyoming—Kraken Financial and Avanti—are going through state-level processes that aren't regulated by the Office of the Comptroller of the Currency, as national banks are. Moreover, the FDIC doesn't currently allow for insurance on crypto assets.
see More : https://decrypt.co/50220/new-congressional-bill-seeks-to-regulate-stablecoins
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