The post US Senator Releases Draft For Stablecoins Clarity Bill appeared on BitcoinEthereumNews.com.

United States Senator Bill Hagerty has unveiled a discussion draft of a bill to provide clear regulations on the use and operations of stablecoins. This proposed legislation mirrors the same content and objectives as the “Clarity for Payment Stablecoins Act of 2023.”, however with a few modifications. Hagerty’s Bill Proposes Dual Regulatory Oversight For Stablecoin Issuers In July 2023, Republican Senator Patrick McHenry introduced the “Clarity for Payment Stablecoins Act of 2023” targeted at providing the needed recognition, supervision, and regulation of stablecoins in the United States. The bill was cleared by the US House Financial Service Committee seven days after introduction and has since been put on the Union Calendar to be introduced for a debate and vote in the US House of Representatives.  To maintain the vision of establishing stablecoin regulations in the US, fellow republican Senator Hagerty has released a discussion draft on the “Clarity of Payment Stablecoins Act of 2024”, which comes as Senator McHenry aims to retire at the end of this current administration This is because all pending legislation that is not passed at the end of an administrative term is cleared out and has to be reintroduced again in the new Congress to gain approval. The discussion draft by Senator Hagerty builds on Senator McHenry’s bill introducing two key additions.  Firstly, the draft proposes that only stablecoin issuers of tokens with more than $10 billion in market capitalization are supervised by federal regulators, with operators of stablecoins below the specified threshold monitored by state authorities. Furthermore, Senator Hagerty advises the Federal Reserve serves as a regulator for depository institutions, while the Office of the Comptroller of the Currency supervises the operation of federally licensed non-bank issuers. Commenting on this proposed legislation, the Republican lauds the positive potential of stablecoins in the US. Senator…

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Filed under: News - @ October 13, 2024 4:33 am