Two Republican stablecoin Bills, the House STABLE Act and the Senate GENIUS Act were published last week. Ahead of today’s House Financial Services Committee hearing to discuss the STABLE Act and other digital assets legislation, Democrat Ranking Member Maxine Waters published another stablecoin Bill. She said this is the bipartisan version negotiated with former Committee Chair Patrick McHenry.
In mid 2023, an earlier version of the Bill was passed by the Committee to the fury of Representative Waters. Hence, in order to get support for a full House vote, negotiations continued last year.
The biggest area of difference was the delegation of authority to States without federal oversight. The version published today gives the Federal Reserve a far greater role. Both of the new stablecoin bills published by the Republicans make the OCC the regulator for non bank stablecoins and give the Federal Reserve a very limited role to intervene in exigent circumstances, but with five days notice.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
