The House Financial Services Committee discussed competing stablecoin bills in its subcommittee.
“Federal regulation of stablecoin issuers would offer more uniform, consistent rules, whereas state regulation could promote more diversity and innovation in regulation and supervision. The answer to this question need not be binary.”
In any case, current regulations were not suited for stablecoins, he said. Besides a “floor” mechanism for federal involvement in stablecoin regulation for setting minimum standards, there could be a “toggle” based on the size of the issue, he said. The Republican bill would regulate all issuers identically, regardless of size.National interest came up repeatedly, with Rep.
“Often they [stablecoin developers] are fleeing our shores to find certainty. So it would be great if we’d provide some.”in favor of the current regulatory structure and about the advantages of tokenization for traditional banks. He described tokenization as a “third way.”
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