The opening shot has been -fired on the new Congress’s new crypto push with a plan for a Tuesday introducing a Stablecoin oversight bill from Senator Bill Hagrty. The law will establish a US regulation framework for the release of dollars denomination tokens, according to a person who is familiar with the effort.
The Tennessee Republican, who has Shepherded an effort of stablecoin in the previous session. That is a huge difference from the 2024 effort that cannot be damaged by the crypto roadblock maintained by previous chief committee Sherrod Brown, the Ohio Democrat who defeated the November election.
Hagerty’s bill, which he called the guide and establishment of national change in the US Stablecoins (Genius) Act, would identify payment stablecoins and set the procedures for exiting them, including the establishment of the Federal Reserve as a guardian For large bank bank and comptrollers office money as a regulator for nonbank who gave more than $ 10 billion, the person said. In addition the law outlines that reserves need to be maintained.
State regulators are in place for smaller providers, and for larger companies who may seek apostasy.
The difference between federal and state regulators became the main sticky point when Democrats and Republicans sought to work a compromise bill on Stablecoins in the previous Congress, and any new version still had to be in charge Thread a Bipartisan needle. It is unclear if Hagerty’s plan, where Senator Lummis said He is working “to obtain this bill at the President’s desk,” will draw Democrat’s support to lighter regulatory strategy.
The House of Representative approved a Stablecoin Oversight Bill in the previous session, but it achieved the objection to getting a matching version of the Senate, which Magrerty sought. He is set to introduce the new law today, according to the News reported by Bloomberg News and Hagerty confirmed in a posting on social media site x.
Stablecoins are designed as stable cryptocurrency tokens whose price is linked to other possessions, usually the dollar. The global leader of Stablecoin is Tether (USDT), and its US rival has provided a circle (USDC).
Later on Tuesday, President Donald Trump’s crypto czar, David Sacks, was set to lead a press conference with Congress leaders to describe their crypto approach. The effort of this Stablecoin is expected to be raised at that event.
