House Financial Services Committee Chairman French Hill said they would work with the Trump administration to deliver dollar-backed stablecoins for Americans.
US Representatives French Hill and Bryan Steil have released a discussion draft for a bill that would establish a regulatory framework for dollar-pegged payment stablecoins in the United States.
The legislation would impose a two-year moratorium on issuing an “endogenously collateralized stablecoin,” meaning issuers would be prohibited from creating stablecoins backed by self-issued digital assets.
In addition, it would require the US Treasury Department to facilitate a study on stablecoins.
Read more,# Breaking Down the New Stablecoin Scoop!
## Key Points of the Discussion Draft:
– **Regulatory Framework**: US Representatives French Hill and Bryan Steil propose a bill outlining rules for dollar-backed stablecoins.
– **Two-Year Moratorium**: The bill seeks to pause the issuance of stablecoins that use their own digital assets as collateral.
– **Treasury Studies**: A mandate for the US Treasury to conduct research into the usage, risks, and benefits of stablecoins.
## What’s the Real Deal Here?
So, the U.S. is inching towards embracing the wild world of cryptocurrencies, but with a babysitter in the form of the Treasury? Classic move! The idea is to tame the crypto rodeo with dollar-backed stablecoins, ensuring a little less “yee-haw” and a bit more stability. The call for a study pretty much reads like, “Help us understand what we’re dealing with here, people!” And with a two-year time-out on the trickier types of stablecoins, it’s like taking a deep breath before diving back into the blockchain pool.
## Author’s Hot Take:
Seems like French Hill and company are trying to put some reins on the crypto stallions, making sure the digital dollar gallop doesn’t turn into a bucking bronco ride. As we all know, when Uncle Sam gets involved, it’s rarely a dull affair. So, buckle up, crypto cowboys and cowgirls, we’re on a government-guided tour through the Wild West of finance!
### Hashtags:
#CryptoRegulation #Stablecoins #Blockchain #DigitalDollar #USPolicy Source
