According to ChainCatcher, US Senator Bill Hagerty, who supports cryptocurrencies, has released a draft legislation discussion bill to create a regulatory framework for stablecoins, which is very similar to the work being done in the House of Representatives. Republican Hagerty said in a statement on Thursday that his draft legislation "provides much-needed regulatory clarity." The draft is very close to the Clarity for Payment Stablecoins Act drafted by Republican Congressman Patrick McHenry and Democrat Maxine Waters in the House of Representatives.
Hagerty’s draft adopts the structure of the House bill while dividing federal regulation between the Federal Reserve’s supervision of banks and the Office of the Comptroller of the Currency’s supervision of nonbank institutions. The draft would include a provision that issuers above the $10 billion threshold could be exempted from federal regulators and then continue to be subject to the jurisdiction of their home states. The draft legislation also includes maintaining foreign exchange reserves denominated in U.S. dollars on a one-to-one basis.