The opening shot was shot in the cryptographic thrust of the new Congress with a plan for a Tuesday presentation of a Senablcoin Supervision Law of Senator Bill Hagerty. The legislation would establish an American regulatory framework to issue the tokens called dollars, according to a person familiar with the effort.
The Republican of Tennessee, who had grazing stablecoin in the previous session, is now pressing a bill with the support of the new president of the Senate Banking Committee, Tim Scott, and the head of his subcommittee of digital assets, Cynthia Lummis. That is a big difference with respect to the effort of 2024 that could not break the cryptographic obstacle maintained by the previous head of the Sherrod Brown Committee, the Ohio Democrat who was defeated in the November elections.
Hagerty’s bill, which he calls the National Innovation Law of National Innovation (genius) of national innovation, would define the payment these and establish the procedures to issue them, including the establishment of the Federal Reserve as a guard dog for The big banking issues and the office of the office of the office of the office of the office of the Office of the Office of the Currency as a regulator for non -banking issues of more than $ 10 billion, said the person. The legislation also describes that reservations would have to maintain.
State regulators would be in place for smaller and larger companies that can seek exemptions.
The distinction between federal and state regulators had been the main point of conflict when Democrats and Republicans sought to resolve a draft commitment on Stablecoins in the previous Congress, and any new version will still have to thread a bipartisan needle. It is not clear if Hagerty’s plan, from which Senator Lummis said he would be working “to take this bill to the president’s desk”, will attract Democratic support with its lighter regulatory approach.
The House of Representatives had approved a Stablecoin Supervision Law project in the previous session, but complied with the resistance to obtain a version of the matching Senate, which Hagerty had sought. He is ready to present the new legislation today, according to News he reported for the first time by Bloomberg News and confirmed by Hagerty in a publication on the social media site X.
The stable are designed as constant cryptocurrency tokens whose price is linked to other assets, usually the dollar. The world leader of Stablecoin is Tether (USDT), and his American rival is an issuer Circle (USDC).
Later, on Tuesday, the cryptographic tsar of President Donald Trump, David Sacks, will direct a press conference with the leaders of the Congress to describe his cryptography strategy. This Stablecoin effort is expected to arise in that event.
