NEW CRYPTO CZAR IN CONGRESS SEES STABLECOIN REGULATION AS FERTILE BIPARTISAN GROUND As a storm over how to regulate cryptocurrency rages in Washington, there is nobody with more at stake than Congressman French Hill (R-Ark), the inaugural chairperson of the new House Subcommittee on Digital Assets, Financial Technology and Inclusion. One of his first priorities is going to be stablecoins, building on what he calls a very “cooperative effort last summer and early fall between House Democrats, House Republicans and the Biden administration, in thinking through the right approach.” Read the interview with Hill here. Bipartisan collaboration last year led to the drafting of a stablecoin bill that, according to an unpublished September version seen by Forbes, would ban the issuance of such tokens unless they were created by a subsidiary of an insured depository institution that has been approved to issue them or by a licensed non-bank entity under a yet-to be determined process. The legislation also included guidelines on acceptable forms of reserve collateral, such as Treasury bills with durations of less than 90 days, and processes for monitoring of approved entities. |