US officials are hashing out new regulatory proposals on stablecoins in an attempt to establish clarity on the fast-moving technology and asset class.
The US Financial Services Committee held a hearing on Thursday that focused on two proposals, one from Republican French Hill, and one from Democrat and Ranking Member Maxine Waters, which was introduced more recently.
The main difference between the two bills is that the Republican version aims to allow state regulators more jurisdiction over stablecoin rules whereas the Democrat bill proposes giving full authority exclusively to federal regulators.
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Both bills lay out rule proposals for requirements on liquidity, transparency, and reserves for stablecoin issuers.
Hill said coming to an agreement was critical to allowing the burgeoning industry to blossom safely in the
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