House Republicans are making their new pitch on U.S. stablecoin oversight, despite calls from a key Democrat that the sides need to start from scratch. jesseahamilton and nikhileshde report
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.Republicans on the House Financial Services Committee are taking another swing at stablecoin legislation with a discussion draft revealed Monday afternoon, which may mark a new starting point for negotiations with Democrats.
The draft bill also makes clear that stablecoins must be fully backed by safe reserves that are subject to monthly reviews by registered accountants, which would eliminate the possibility of math-backed stablecoins being able to comply. A senior Republican staff member said a copy of this draft was provided to Waters’ staff, and the Republicans hope it’ll start a new negotiation.
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