• The US House Financial Services Committee has released the third draft of the stablecoin bill proposed by its chair, Representative Patrick McHenry.
• If approved, this bill would be the first comprehensive guidance on the supervision and enforcement of stablecoin markets in the United States.
• The latest version of the bill grants certain powers to both federal and state regulators, such as intervening against state-regulated issuers in cases of emergency.

US House committee releases new stablecoin bill draft

The United States House Financial Services Committee has released the third draft of a stablecoin bill presented by its chair, Representative Patrick McHenry. The latest version proposes the U.S. Federal Reserve as key regulator tasked with formulating requirements for issuing stablecoins, while allowing states to oversee companies issuing these tokens as well. If approved, it will be the first comprehensive guidance on regulation of stablecoin markets in US.

Proposed Powers for Federal Regulator

The latest version grants some additional authority to federal regulator compared to previous version, such as power to intervene against state-regulated issuers in cases of emergency and ability for states to pass their supervision duties to federal watchdog if necessary.

Proposed Powers for State Legislatures

The bill also proposes legislation regarding who can issue stablecoins and requirements of a payment stablecoin, with two-year moratorium from date of enactment for collateralized stablecoins. It grants powers to state legislatures such as overseeing other aspects of digital asset markets like custodial service providers and algorithmic stablecoins.

Committee Hearing Scheduled

The draft is set to go before House committee for discussion on June 13th and may get approval then itself which could become first example crypto legislation in USA.

Concluding Thoughts

Stablecoins have been gaining traction lately due to their potential applications such as providing currency stability in case traditional financial systems fail or creating efficient payment networks without fees or delays resulting from international transactions made using fiat currency . With this new proposed bill , cryptocurrency adoption might take huge leap forward if it gets approval from all relevant authorities .