A year later, the rules are still not ready for implementation, but we have a much clearer idea of how regulators think about stablecoins and where they are likely to end up with those rules.
In an emailed statement, Crypto Council for Innovation CEO Ji Hun Kim called the bill’s passage “a historic moment.”
“A year later, agencies, institutions and innovators are building on a clearer foundation, and stablecoins are moving rapidly toward widespread adoption,” he said.
Various regulators have proposed rules to comment on different aspects of stablecoin governance and regulation, including a proposal that would require stablecoin issuers to perform know-your-customer checks similar to those of more traditional financial companies. The FDIC published 144 questions a few months ago about how it would supervise stablecoin issuers, looking at concerns such as custody, capital, and liquidity standards. The OCC, for its part, submitted its own proposal in February outlining how it interpreted the law.
There are still a few months before these rules begin to be finalized. And in the meantime, the industry is still working to get the Digital Asset Market Clarity Act passed.
The text of the combined drafts of the Clarity Act is not yet public, at least as of Friday evening. While industry sources expected the bill to be released last week, the timeline has been constantly evolving. On Thursday, Sens. Cynthia Lummis and Bernie Moreno were due to brief Trump on the bill. There was no public readout of that meeting available afterward, but both lawmakers tweeted about Trump’s comments about the election later Thursday.
