Stablecoin Legislation Progress Faces Uncertainty in Congress
Stablecoin regulation efforts are gaining momentum in the US, with several bills introduced but none yet passed. Key points include:
- The Republican majority could facilitate movement on stablecoin legislation this year.
- Concerns exist about draft legislation potentially prohibiting non-US issuers from purchasing Treasurys; confirmation is pending.
- Circle and Coinbase advocate for regulations favoring US-based issuers.
- Senators have proposed the GENIUS Act, which sets reserve and liquidity requirements for stablecoins.
- In the House, the STABLE Act also establishes a requirement for 1:1 reserves.
- No markups are scheduled, but legislative movement could begin next month.