The chairmen of the House Financial Services Committee and the Subcommittee on Digital Assets, French Hill and Bryan Steil, have released a draft bill on stablecoin regulation.
🚨NEW: @FinancialCmte Chairman @RepFrenchHill and Digital Assets subcommittee chair @RepBryanSteil have just released a discussion draft of a House bill to establish a regulatory framework for U.S. stablecoins.
— Eleanor Terrett (@EleanorTerrett) February 6, 2025
Here’s the text:https://t.co/VfxI6gKtLP pic.twitter.com/z21dZBf6Ij
The news was reported by FOX Business journalist Eleanor Terrett.
The bill aims to “establish a pathway for stablecoin issuers at both the state and federal levels.”
The 47-page document provides detailed guidelines for implementing a clear regulatory framework for payments backed by US dollar stablecoins, aiming to strengthen the USD’s position as the world’s reserve currency.
The bill introduces a two-year moratorium on issuing stablecoins backed solely by digital assets. It also mandates the US Treasury to conduct a risk assessment of such tokens within a year.
Hill and Steil have invited consumers, issuers, and stakeholders to submit feedback on the proposal.
The lawmakers plan to work closely with the Trump administration and their colleagues in Congress.
On the same day, Federal Reserve Governor Christopher Waller stated that stablecoins could support the dollar’s reserve status. According to him, this asset class serves as a “net positive addition to the payment system.”
“You may need regulatory rails to verify the presence of funds and ensure full backing,” Waller explained.
He emphasized that bipartisan cooperation is crucial for passing digital asset legislation. Only through such efforts can the US dollar maintain its dominance in global trade and finance.
On February 4, Senator Bill Hagerty proposed a framework for regulating stablecoin issuers, assigning supervisory responsibilities to state agencies, the Federal Reserve, and the Office of the Comptroller of the Currency (OCC) within the US Treasury.
Reminder: David Sacks, head of the Digital Asset Markets Working Group and a special advisor to Donald Trump on AI and crypto, previously stated that passing stablecoin legislation is a top priority.
Earlier, the SEC repealed the SAB 121 rule, which effectively prohibited banks from holding digital assets.
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