US Representatives French Hill and Bryan Steil introduced a discussion draft for a bill that aims to create a regulatory framework for dollar-pegged payment stablecoins in the United States. The proposed legislation includes a two-year moratorium on endogenously collateralized stablecoins, prohibiting issuers from creating stablecoins backed by self-issued digital assets. It also mandates a study on stablecoins by the US Treasury Department. House Financial Services Committee Chairman Hill emphasized that the legislation would clarify rules for payment stablecoins and involve collaboration with the Trump administration to ensure the US dollar's dominance globally. Senate Banking Committee Chairman Tim Scott echoed the importance of a regulatory framework to support innovation while promoting the US dollar. This initiative follows the introduction of the GENIUS Act by Senator Bill Hagerty, which seeks to establish a pro-growth regulatory environment for stablecoins, enhancing transaction efficiency and driving demand for US Treasurys.

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