Newsletter
CoinSharks
  • Bitcoin
  • Ethereum
  • Altcoins
  • Nasdaq
  • NYSE
  • Regulation
  • Shark School
  • Premium Services
No Result
View All Result
  • Bitcoin
  • Ethereum
  • Altcoins
  • Nasdaq
  • NYSE
  • Regulation
  • Shark School
  • Premium Services
No Result
View All Result
CoinSharks
No Result
View All Result
Home News

A new draft bill for stablecoins set to be introduced by the US Congress

Tom "The Tiger" by Tom "The Tiger"
April 17, 2023
in News
0
A new draft bill for stablecoins set to be introduced by the US Congress
390
SHARES
1.8k
VIEWS
Share on FacebookShare on Twitter

A new draft bill has been introduced in the United States House of Representatives which provides a regulatory framework for stablecoins. The bill puts non-bank stablecoin issuers, such as Tether and Circle, under the oversight of the Federal Reserve. If one fails to register as a stablecoin issuer, they could face imprisonment for up to five years and a fine of $1 million.. The bill requires insured depository institutions to fall under the supervision of the appropriate federal banking agency, while non-bank institutions would be subject to Federal Reserve oversight. In order for applicants to gain approval, they need to exhibit technical proficiency and established governance, along with demonstrating the advantages of providing financial inclusion and innovation through stablecoins, while also maintaining reserves supported by either U.S. dollars or Federal Reserve notes.

Included in the draft are provisions for a two-year prohibition on the issuance of stablecoins that are not supported by physical assets, as well as a mandate for the U.S. Department of the Treasury to investigate stablecoins that are collateralized from within.. Additionally, the bill allows the U.S. government to establish standards for interoperability between stablecoins and requires Congress and the White House to support a Federal Reserve study on issuing a digital dollar.

Related articles

From Crashes to Cash: Crypto Funding Moves from CeFi to DeFi

CertiK Reports $1.1M Exploitation of DeFi Protocol WDZD Swap

May 26, 2023
Bitcoin Lightning to be integrated, says Coinbase CEO

Binance halts bridged token deposits and requests clarification from Multichain team

May 26, 2023
Share156Tweet98

Related Posts

From Crashes to Cash: Crypto Funding Moves from CeFi to DeFi

CertiK Reports $1.1M Exploitation of DeFi Protocol WDZD Swap

by The Megalodon
May 26, 2023

Decentralized finance (DeFi) protocol WDZD Swap was targeted in an attack on May 19, resulting in the loss of $1.1...

Bitcoin Lightning to be integrated, says Coinbase CEO

Binance halts bridged token deposits and requests clarification from Multichain team

by The Megalodon
May 26, 2023

Deposits for bridged tokens have been temporarily suspended by Binance, leading to concerns about the Multichain protocol. The suspension affects...

CME Group Plans to Increase Bitcoin and Ether Option Expiries Following a Record Daily Trading Volume.

Central Banks and BIS Collaborate on Ongoing Policy Issues for Retail CBDC

by The Megalodon
May 26, 2023

The Bank for International Settlements (BIS) and a consortium of central banks have jointly published their fifth paper, which sheds...

Meta’s positive first quarter overshadowed by $4B loss in Metaverse division

Meta Introduces Megabyte System, Addressing Major Roadblocks for GPTs

by The Megalodon
May 26, 2023

Researchers at Meta AI have made a significant breakthrough in tackling the tokenization challenge associated with GPT (Generative Pre-trained Transformer)...

Fed Governor says wholesale CBDC holds potential, but retail CBDC is hard to envision.

Norwegian Central Bank Suggests Independent Approach to Crypto Asset Regulation in Norway

by The Megalodon
May 26, 2023

Norway's central bank, Norges Bank, has released its annual "Financial Infrastructure Report," which highlights the issue of crypto assets and...

Load More
  • Trending
  • Comments
  • Latest
Kaspersky reports a 40% increase in crypto phishing attacks within a year

Kaspersky reports a 40% increase in crypto phishing attacks within a year

April 17, 2023
Investors Must Be Aware of These 3 Points from the C3.ai Report by Short-Sellers

Investors Must Be Aware of These 3 Points from the C3.ai Report by Short-Sellers

April 18, 2023
XRP Price Nears ‘Sell the News’ Moment Following a 20% Weekly Gain in the Crypto Market

XRP Price Nears ‘Sell the News’ Moment Following a 20% Weekly Gain in the Crypto Market

March 28, 2023
THORChain Halts Mainnet Due to Potential Network Vulnerability Reports

THORChain Halts Mainnet Due to Potential Network Vulnerability Reports

March 29, 2023
Protecting Your Crypto: The Importance of AML Frameworks in Web3

Protecting Your Crypto: The Importance of AML Frameworks in Web3

President Biden Proposes Phased-In 30% Tax on Cryptocurrency Mining Electricity Usage

President Biden Proposes Phased-In 30% Tax on Cryptocurrency Mining Electricity Usage

Explaining the Reasons for the Recent Downturn in Ethereum (ETH) Price: A Macro Analysis

Explaining the Reasons for the Recent Downturn in Ethereum (ETH) Price: A Macro Analysis

Breaking Barriers: Women in Web3 Leading the Charge for Diversity and Inclusion

Breaking Barriers: Women in Web3 Leading the Charge for Diversity and Inclusion

From Crashes to Cash: Crypto Funding Moves from CeFi to DeFi

CertiK Reports $1.1M Exploitation of DeFi Protocol WDZD Swap

May 26, 2023
Bitcoin Lightning to be integrated, says Coinbase CEO

Binance halts bridged token deposits and requests clarification from Multichain team

May 26, 2023
CME Group Plans to Increase Bitcoin and Ether Option Expiries Following a Record Daily Trading Volume.

Central Banks and BIS Collaborate on Ongoing Policy Issues for Retail CBDC

May 26, 2023
Meta’s positive first quarter overshadowed by $4B loss in Metaverse division

Meta Introduces Megabyte System, Addressing Major Roadblocks for GPTs

May 26, 2023
  • Premium Services
  • Terms of Service
  • Privacy Policy

All Rights Reserved. CoinSharks.

No Result
View All Result
  • Bitcoin
  • Ethereum
  • Altcoins
  • Nasdaq
  • NYSE
  • Regulation
  • Shark School
  • Premium Services

All Rights Reserved. CoinSharks.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.