U.S. House to Unveil Stablecoin Regulation Bill This Week
The U.S. House of Representatives is set to receive the text of a stablecoin regulation bill for debate. Key points include:
- Rep. Bryan Steil announced the bill's unveiling at a Washington event.
- The Senate has advanced its own version of stablecoin legislation through the Banking Committee.
- Both bills aim to regulate the issuance of digital tokens tied to stable assets, primarily the U.S. dollar.
- A House markup session will occur soon to discuss amendments and progress the bill.
- Efforts are underway to align the House and Senate initiatives on stablecoins.
- The stablecoin legislation is viewed as less complex compared to broader crypto market regulations.
- Steil indicated a better political environment for pro-crypto measures in Congress.
- A market-structure bill hearing is expected in early April.
- Bipartisan support is evident for various crypto-related efforts, including addressing IRS rules impacting decentralized finance (DeFi).