Summary
- Maxine Waters, a Democrat on the U.S. House Financial Services Committee, announced the unveiling of a draft for stablecoin regulation.
- The draft stipulates that each stablecoin issuer must hold a 1:1 reserve and meet reporting requirements.
- This draft references Patrick McHenry's model from 2023 and emphasizes cooperation with U.S. regulatory authorities.
According to The Block, a cryptocurrency-focused media outlet, Maxine Waters, the top Democrat on the U.S. House Financial Services Committee, has unveiled a draft for stablecoin regulation on the 10th (local time).
The draft includes content related to regulatory authorities such as the Comptroller, the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and various state regulatory agencies.
Additionally, it mandates that each stablecoin issuer holds a minimum 1:1 reserve and meets reporting requirements.
This draft is known to reference the model created by Representative Patrick McHenry in the 2023 House Financial Services Committee.
Previously, Tennessee Senator Bill Hagerty also introduced a new stablecoin bill called the GENIUS (Guiding and Establishing National Innovation in U.S. Stablecoins) Act.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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