{"id":32774,"date":"2020-12-03T14:53:11","date_gmt":"2020-12-03T12:53:11","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=32774"},"modified":"2025-08-28T10:22:55","modified_gmt":"2025-08-28T07:22:55","slug":"us-lawmakers-propose-regulation-of-stablecoins","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-lawmakers-propose-regulation-of-stablecoins\/","title":{"rendered":"US lawmakers propose regulation of stablecoins"},"content":{"rendered":"<p>A bill has been introduced in the U.S. Congress requiring stablecoin issuers to obtain banking licenses and regulatory approval. The initiative is led by a group of lawmakers headed by Democratic Representative Rashida Tlaib.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Preventing cryptocurrency providers from repeating the crimes against low- and moderate-income residents of color traditional big banks have is critically important. That\u2019s why I\u2019m proud to introduce the <a href=\"https:\/\/twitter.com\/hashtag\/STABLEAct?src=hash&#038;ref_src=twsrc%5Etfw\">#STABLEAct<\/a> with <a href=\"https:\/\/twitter.com\/RepChuyGarcia?ref_src=twsrc%5Etfw\">@RepChuyGarcia<\/a> and <a href=\"https:\/\/twitter.com\/RepStephenLynch?ref_src=twsrc%5Etfw\">@RepStephenLynch<\/a>. <a href=\"https:\/\/t.co\/yorQPo6wz4\">https:\/\/t.co\/yorQPo6wz4<\/a><\/p>\n<p>\u2014 Congresswoman Rashida Tlaib (@RepRashida) <a href=\"https:\/\/twitter.com\/RepRashida\/status\/1334247450731819008?ref_src=twsrc%5Etfw\">December 2, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The document is designed to protect users from risks associated with digital payment instruments. As an example, the lawmakers cited the Libra stablecoin.<\/p>\n<blockquote>\n<p>&#8220;Digital currencies whose value is pegged or stabilised to traditional currencies such as the dollar pose new regulatory challenges and represent a growing source of risk to the market, liquidity and credit risk,&#8221; the bill says.<\/p>\n<\/blockquote>\n<p>The sponsors propose requiring stablecoin issuers to obtain approvals from the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the banking regulator.<\/p>\n<p>A condition of approval would be FDIC insurance or the maintenance of reserves to ensure the rapid conversion of funds into dollars.<\/p>\n<p>Circle CEO Jeremy Allaire called the bill a &#8220;huge step backward&#8221; for digital currency innovation in the United States. In his view, the measure would constrain the development of blockchain technology and the fintech industry.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">1\/8 The STABLE Act would represent a huge step backwards for digital currency innovation in the United States, limiting the accelerating progress of both the blockchain and fintech industry.<\/p>\n<p>\u2014 Jeremy Allaire (@jerallaire) <a href=\"https:\/\/twitter.com\/jerallaire\/status\/1334277520695431169?ref_src=twsrc%5Etfw\">December 2, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The head of ShapeShift, Erik Voorhees, urged lawmakers not to force cryptocurrency to &#8220;act like banks&#8221;.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Tlaib \u2014 crypto is the antithesis of all the banking problems you rightly highlight. Let\u2019s not force crypto to act like the banks maybe? (and indeed, it can\u2019t, and won\u2019t) <a href=\"https:\/\/t.co\/ZcONRQiU0m\">https:\/\/t.co\/ZcONRQiU0m<\/a><\/p>\n<p>\u2014 Erik Voorhees (@ErikVoorhees) <a href=\"https:\/\/twitter.com\/ErikVoorhees\/status\/1334294070626299904?ref_src=twsrc%5Etfw\">December 3, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Wyoming state representative and cryptocurrency advocate Tyler Lindholm said the bill runs counter to the fundamental principle of decentralisation.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Centralization of power for a decentralized world. No thanks. This industry has been light years more successful in bringing financial freedom to the unbanked and that happened without cronyism as suggested in this bill. <a href=\"https:\/\/t.co\/vLCkhHMWD7\">https:\/\/t.co\/vLCkhHMWD7<\/a><\/p>\n<p>\u2014 Tyler Lindholm (@Tyler_Lindholm) <a href=\"https:\/\/twitter.com\/Tyler_Lindholm\/status\/1334313791992049666?ref_src=twsrc%5Etfw\">December 3, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The lawmakers noted that Tlaib had been among critics of the head of the Office of the Comptroller of the Currency (OCC), Brian Brooks. In a letter, Members of Congress <a href=\"https:\/\/u1f987.com\/en\/news\/us-lawmakers-criticise-regulator-for-focus-on-cryptocurrencies\">stated<\/a> that the OCC pays close attention to cryptocurrencies.<\/p>\n<p style=\"margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;\"><a style=\"text-decoration: underline;\" title=\"View Stable Act on Scribd\" href=\"https:\/\/www.scribd.com\/document\/486788268\/Stable-Act#from_embed\">Stable Act<\/a> by <a style=\"text-decoration: underline;\" title=\"View ForkLog's profile on Scribd\" href=\"https:\/\/www.scribd.com\/user\/456422024\/ForkLog#from_embed\">ForkLog<\/a> on Scribd<\/p>\n<p><iframe loading=\"lazy\" id=\"doc_29413\" class=\"scribd_iframe_embed\" title=\"Stable Act\" src=\"https:\/\/ru.scribd.com\/embeds\/486788268\/content?start_page=1&#038;view_mode=scroll&#038;access_key=key-6kTspLDSHj9SckSsRNsh\" width=\"100%\" height=\"600\" frameborder=\"0\" scrolling=\"no\" data-auto-height=\"false\" data-aspect-ratio=\"0.7729220222793488\"><\/iframe><\/p>\n<p>Earlier, Congresswoman Sylvia Garcia proposed a bill that would classify stablecoins as securities.<\/p>\n<p>Subscribe to ForkLog&#8217;s <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"> YouTube<\/a> channel!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A bill has been introduced in the U.S. Congress requiring stablecoin issuers to obtain banking licenses and regulatory approval. The initiative is led by a group of lawmakers headed by Democratic Representative Rashida Tlaib.<\/p>\n","protected":false},"author":1,"featured_media":32775,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,807,26],"class_list":["post-32774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-stablecoins","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/32774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=32774"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/32774\/revisions"}],"predecessor-version":[{"id":32776,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/32774\/revisions\/32776"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/32775"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=32774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=32774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=32774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}