US Stablecoin Risk Bill Likely Delayed Until September: Report
Unresolved issues in the bill would have included provisions on Treasury Department custodial wallets and concerns from the Securities and Exchange Commission.
New
Legislators in the U.S. House of Representatives have reportedly pushed back the deadline for considering a bill addressing the potential risks of stablecoins.
According to a Monday report by The Wall Street Journal, people familiar with the matter said House members would likely delay a vote on a stablecoins bill until September after they were unable to complete a draft in time for a committee meeting on Wednesday. Unresolved issues in the bill would have included provisions on Treasury Department custodial wallets and concerns from the Securities and Exchange Commission.
Treasury Secretary Janet Yellen reportedly wanted to coordinate with the Biden administration on its response to the bill. Neither has publicly weighed in on the proposed legislation, but Yellen has previously called for regulatory clarity in the crypto space around stablecoins, citing concerns over the detachment of TerraUSD (formerly UST) from the American dollar. President Joe Biden's March executive order also aims to close gaps in regulatory oversight of digital assets.
Glad to hear @SecYellen recognize the need for Congress to pass laws...
Unresolved issues in the bill would have included provisions on Treasury Department custodial wallets and concerns from the Securities and Exchange Commission.
New
Legislators in the U.S. House of Representatives have reportedly pushed back the deadline for considering a bill addressing the potential risks of stablecoins.
According to a Monday report by The Wall Street Journal, people familiar with the matter said House members would likely delay a vote on a stablecoins bill until September after they were unable to complete a draft in time for a committee meeting on Wednesday. Unresolved issues in the bill would have included provisions on Treasury Department custodial wallets and concerns from the Securities and Exchange Commission.
Treasury Secretary Janet Yellen reportedly wanted to coordinate with the Biden administration on its response to the bill. Neither has publicly weighed in on the proposed legislation, but Yellen has previously called for regulatory clarity in the crypto space around stablecoins, citing concerns over the detachment of TerraUSD (formerly UST) from the American dollar. President Joe Biden's March executive order also aims to close gaps in regulatory oversight of digital assets.
Glad to hear @SecYellen recognize the need for Congress to pass laws...
What's Your Reaction?
