The bill is intended to restart negotiations with Democrats in the Senate and the White House over stablecoin regulation.
, released last fall, and is closely tailored to focus on rules governing the registration process for individual prospective stablecoin issuers.
Stablecoins are a type of cryptocurrency issued by private entities and designed to maintain a stable value pegged to a traditional asset, like the U.S. dollar or a short-term Treasury bill. They are not used in brick-and-mortar commerce or typically accepted as payment for goods, but have become very popular on crypto platforms.
The bill contains many of the features of the September version, such as the requirement that payment stablecoin issuers be approved and regulated by either a "federal payment stablecoin regulator" or "a registered State qualified payment stablecoin issuer." It also clarifies and updates U.S. law to confirm that stablecoins are not securities, and by extension, should not be regulated by the SEC.
But it also envisions a larger role in the market for state regulators, despite the fact that the vast majority of states do not have a stablecoin regulatory framework in place yet.
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