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House Committee on Financial Services is Developing a Stablecoin Regulatory Framework

by BlockNews Team
July 28, 2023
in Crypto, Finance, Politics
A A
House Republicans Propose New Stablecoin Legislation, Shifting Power from SEC to State Regulators
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  • The “Clarity for Payment Stablecoin Act” is under review by the committee.
  • If passed, this framework will establish regulations for stablecoins and require them to be backed 1:1 by liquid assets.

At a congressional hearing on July 27, 2023, Republican committee member Peter McHenry presented a new bill entitled the “Clarity for Payment Stablecoin Act.” This proposed legislation seeks to approve and regulate stablecoin issuers while ensuring consumer security by creating a federal floor for stablecoin remittance.

The House Committee on Financial Services is currently reviewing this act. If passed, the committee holds that this act could revolutionize how transactions in the United States are conducted, allowing for much faster and more efficient payments.

Payment stablecoins—if issued under a clear regulatory framework—have the potential to revolutionize the payments system by facilitating faster and more efficient payments.

Republicans are working to deliver that clear regulatory framework, while Democrats continue their stunts. pic.twitter.com/W06Ql4jAc2

— Financial Services GOP (@FinancialCmte) July 27, 2023
Via @FinancialCmte – Twitter

The Clarity for Payment Stablecoins Act would require stablecoins to be backed by high-quality liquid assets at a 1:1 ratio and for the public disclosure of monthly reports detailing the total numbers of outstanding stablecoins. Additionally, this act will require stablecoin issuers to maintain certain liquidity levels and prevent stablecoin reserves from being used for leverage or as collateral for loans.

Tags: Crypto RegulationHouse Committee on Financial ServicesStablecoins
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