US House Committee Publishes Draft Stablecoin Bill

The U.S. House Financial Services Committee published a discussion draft Saturday of a landmark stablecoin bill ahead of a hearing on the issue.

The bill, available on the Committee’s hearing page, represents the first major piece of crypto legislation to move in 2023. It creates definitions for payment stablecoin issuers, echoing a term former Senator Pat Toomey (R-Pa.) used when he introduced his own stablecoin bill in 2022. The bill also calls for a moratorium on new stablecoins that are backed by other types of tokens until a study can be conducted.

The bill also calls for federal regulators to study the potential impact of a central bank digital currency issued by the Federal Reserve.

Punchbowl News first reported on the bill’s publication.

A House Financial Services subcommittee will hold a hearing on stablecoins on Wednesday, featuring Circle’s Dante Disparte, the Blockchain Association’s Jake Chervinsky, Columbia Professor Austin Campbell and New York Department of Financial Services Superintendent Adrienne Harris.

That hearing will come a day after the full Financial Services Committee meets to hear from Securities and Exchange Commission Chair Gary Gensler.

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Spokespeople for Reps. Patrick McHenry (R-N.C.) and Maxine Waters (D-Calif.), respectively the Chair and Ranking Member on the committee, did not immediately return requests for comment.

Edited by Danny Nelson.

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