Three members of the House of Representatives introduced draft legislation today with aims to curtail cryptocurrency stable coins. 

Seen as a threat to the United State's global financial dominance, stable coins offer an alternative to traditional financial networks. 

The bill itself lists stable coins such as Facebook's Libra project as potential threats to consumers and thus aims to provide a regulatory framework for these digital assets to be restricted from the free market. To make this possible, the bill would require any company distributing these financial assets to have an approved banking charter. The goal of which would be to limit the ability of private companies to issue their own variations of USD. 

These additional regulations have the potential to slow down the growth of the United States cryptocurrency market. While the cryptomarkets in the United States have already been limited by states such as New York with the issuance of a BitLicense. Overall, these regulations have stifled business more than they have protected consumers. While other states have taken a different approach, such as Wyoming, where cryptocurrency has been fostered by regulators to help encourage the private sector to innovate. 

The U.S. House Bill aimed at stable coins will likely not progress as the legislative session quickly comes to a close and a new congress is set to take control in January 2021. That said, it's a troubling look ahead as to how regulations introduced by government entities may try to limit the cryptocurrency markets to delay the decay of the traditional financial powers in existence today.