Positive Stablecoin Regulation Coming Next Week?Sep 21, 2022
House Financial Services Committee Chairwoman Maxine Waters and Ranking Member Patrick McHenry have been working to reach an agreement on the stablecoin legislation. In addition to addressing what unfolded with Terra, the bill would allow banks and nonbanks to issue stablecoins. Bank issuers would seek approval from their typical federal regulators, such as the OCC. The legislation would direct the Fed to establish a process for making decisions on applications from nonbank issuers. Nonbank stablecoin issuers approved at the state level and that register with the Fed within 180 days of that approval would be able to operate under the bill. On this episode, we're taking a look at all the details in the draft bill (which may or may not change).
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