HFSC Delays Legislation Vote on Stablecoins
This past week, the House Financial Services Committee (HFSC) scratched plans to hold a vote on legislation that would have imposed federal regulations on the cryptocurrency sector, specifically stablecoins, making it the first of its kind. Democrat and Republican lawmakers of the Committee are expected to re-enter negotiations on the bill, effectively pushing a potential vote to September. The draft legislation was expected to introduce strong, one-to-one dollar reserve requirements, a new licensing regime, and anti-money-laundering requirements for payment stablecoins. Policymakers believe the legislation is essential in setting uniform standards for stablecoins, particularly amid a recently volatile cryptocurrency market.