The House Financial Services Committee is due to meet Wednesday (April 19) for a hearing on that topic, and has also published draft legislation for a stablecoin bill that could impose a moratorium on the digital currency.
“During the 2-year period beginning on the date of enactment of this Act, it shall be unlawful to issue, create, or originate an endogenously collateralized stablecoin not in existence on the date of enactment of this Act,” the text of the bill reads.
The moratorium on stablecoins would last until the government completes a study on the topic. The legislation also calls for a study looking at the impact of a Federal Reserve-issued central bank digital currency (CBDC).
In an interview with PYMNTS’ Karen Webster last year, Rep. Patrick McHenry — who now heads the committee — said he wanted to focus on stablecoins if Republicans retook the House.
“What we now have is a complicated policy,” said McHenry, a North Carolina Republican, “and it’s a complicated legislative text. … The nature of legislative compromise does not often create something of beauty. It creates something of practical consequence. And this is what I’m going for.”
At a high level, he told Webster, the country needs stablecoin. He argued coins like USDT and USDC have an edge over bitcoin and other crypto, which are volatile and far from stable.
“But we don’t have a federal regulatory ‘form’ around it,” McHenry said, “or insight into the assets acting as backing.”
The proposed moratorium...
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