Republican Senator Bill Hagerty has moved for a new regulatory framework dedicated to stablecoins: a further step towards making the US the “crypto capital”
US: Now it's the turn of stablecoins
As revealed by Bloomberg, Republican Senator Bill Hagerty is expected to soon present a new bill necessary to introduce a new regulatory framework dedicated to stablecoins.
As the senator himself claims, the initiative aims to create a “safe and favorable regulatory framework for the sector, to promote innovation and make America the world capital of cryptocurrencies”.
The bill is called “Guiding and Establishing National Innovation for US Stablecoins”, and will include the necessary criteria for issuers to be able to operate in a “clear” regulatory context, starting from the reserves to be adopted. A monthly report would also be required from issuers, so that the authorities can supervise the activities to protect investors.
According to Bloomberg, the bill would have the objective of creating a “light-touch” regulatory standard, in favor of companies, and above all remove some doubts on the supervision of the parameters, to be implemented at the federal or state level.
A law on stables
Over the years, legislation dedicated to stablecoins in the US has been both sought and hindered. Patrick McHenry, former chairman of the “financial services” committee in Congress, for example, has been working on a law since 2022.
This topic has been discussed several times on government tables, but it has always stopped precisely because of “state provisions” that would allow state authorities to legislate on these activities to the detriment of the Federal Reserve.
With the arrival of Trump, however, things seem to have changed, and the new executive could soon achieve its goal. Stablecoins, after all, are a fundamental cog in the crypto ecosystem, and are necessary for the US to effectively become the “capital of cryptocurrencies”.