Today there will be another Congressional hearing on digital assets, with two pieces of draft legislation, one relating to digital assets and the other the latest iteration of the Republican stablecoin Bill. After starting off as bipartisan, the stablecoin bill split into Republican and Democrat versions. There is a small amount of movement on the most contentious topic of state regulation.
A notable change is the definition of a payment stablecoin. A sub clause stating that it is ‘denominated in United States dollars’ has been dropped. In several other jurisdictions, stablecoin legislation supports multiple currencies.
The Democrat bill included a requirement to explore central bank digital currency (CBDC) and had diversity clauses. The Republicans have not reinstated those.
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