The post Maxine Waters Unveils New Stablecoin Regulation Draft Amid GOP Push appeared on BitcoinEthereumNews.com.

House Financial Services Committee ranking member Maxine Waters has introduced a new proposal for stablecoin regulation, adding to ongoing legislative efforts from both Democrats and Republicans. The draft legislation, obtained by Punchbowl News, outlines federal oversight of stablecoins and sets requirements for issuers. This development follows a separate Republican-led draft released last week, reflecting bipartisan efforts to establish clear rules for stablecoin regulation. Maxine Waters Proposes Stablecoin Regulation Draft Maxine Waters, the top Democrat on the House Financial Services Committee, has introduced a discussion draft aimed at stablecoin regulation under federal supervision. The draft assigns regulatory responsibilities to the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC). It also includes a role for state regulators. The proposal requires stablecoin issuers to maintain reserves on a one-to-one basis to ensure stability. Waters’ approach differs from previous Republican efforts, which she had previously criticized. In 2022, she opposed a Republican-led bill that would have allowed state regulators to approve stablecoin issuers without Federal Reserve involvement. Republican Lawmakers Push Separate Stablecoin Bill Like Maxine Waters, republicans are also advancing their own stablecoin regulation. Last week, Representative French Hill, Chair of the House Financial Services Committee, and Representative Bryan Steil introduced a draft bill. Their proposal gives the OCC the authority to oversee federally approved nonbank stablecoin issuers instead of relying on the Federal Reserve for regulatory oversight. The Republican-backed bill builds on past legislative discussions and could open the door for financial technology companies to enter the stablecoin market. It seeks to establish clear licensing rules for nonbank firms that issue payment stablecoins, aligning with broader GOP efforts to shape digital asset regulations. Bipartisan Efforts Continue in the Senate Concurrent with Maxine Waters proposal, Stablecoin regulation is also gaining attention in the Senate.…

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Filed under: News - @ February 11, 2025 11:20 am