The Republican chairman of the House Financial Services Committee released a new draft of the main legislative proposal for regulating stablecoins in the United States, which will be further discussed at a committee hearing on June 13, giving the Federal Reserve some additional powers over previous Republican bills, including the power to intervene in state-regulated issuers in emergencies. States could also transfer their regulatory responsibilities to federal regulators.
If the bill is introduced and passed by both houses of Congress, it will establish the first stablecoin regulations in the United States. The new draft also removes the earlier section that called for a study of the merits of a digital dollar. (CoinDesk)