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U.S. Government Actions on Crypto
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<blockquote data-quote="mraw435" data-source="post: 1117156" data-attributes="member: 96086"><p>As an avid follower of actions being taken by the U.S. govt in relation to crypto -- looking to start a news thread on the topic.</p><p></p><p>[URL unfurl="true"]https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409458[/URL]</p><p>Two members of congress release a discussion draft of a bill to establish a framework for the issuance and operation of dollar-denominated payment stablecoins in the United States.</p><p></p><p><strong>Further Background:</strong></p><ul> <li data-xf-list-type="ul">Today, this discussion draft was noticed to the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence hearing: A Golden Age of Digital Assets: Charting a Path Forward.</li> <li data-xf-list-type="ul">Last Congress, the Committee successfully passed the Clarity for Payment Stablecoins Act with bipartisan support.</li> <li data-xf-list-type="ul">The STABLE Act builds on the efforts of former House Financial Services Committee Chair, Patrick McHenry, to provide multiple regulatory pathways for payment stablecoin issuers in the United States.</li> <li data-xf-list-type="ul">One of the key differences between the former Chair’s bill, the Clarity for Payment Stablecoin Act of 2023, and the STABLE Act is that the STABLE Act gives the OCC the authority to approve and supervise federally qualified nonbank payment stablecoin issuers while the Clarity for Payment Stablecoin Act of 2023 included a federal pathway at the Federal Reserve for payment stablecoin issuers.</li> <li data-xf-list-type="ul">Following the announcement of the Bicameral Working Group on Digital Assets, the Committee - under Chairman Hill and Subcommittee Chairman Steil’s leadership - will pick up the torch and work in a bicameral fashion with Chairman Scott and Senators Hagerty and Lummis to pass federal payment stablecoin legislation and send to President Trump’s desk.</li> <li data-xf-list-type="ul">On February 4, 2025, Senator Hagerty, joined by Chairman Scott, Digital Assets Subcommittee Chair Senator Lummis and Senator Gillibrand introduced the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, building from the work in the House Committee on Financial Services.</li> <li data-xf-list-type="ul">Both approaches represent an effort among Republicans to provide the robust protections and transparency consumers expect, provide for federal and state pathways for stablecoin issuance, and secure the United States as the leader in digital finance.</li> </ul><p></p><p>******</p><p></p><p>Second fun fact -- Chair Tim Scott (Senate Banking Committee) created the first crypto focused subcommittee --- the Digital Asset Subcommittee</p><p>[URL unfurl="true"]https://www.banking.senate.gov/about/subcommittees[/URL]</p></blockquote><p></p>
[QUOTE="mraw435, post: 1117156, member: 96086"] As an avid follower of actions being taken by the U.S. govt in relation to crypto -- looking to start a news thread on the topic. [URL unfurl="true"]https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409458[/URL] Two members of congress release a discussion draft of a bill to establish a framework for the issuance and operation of dollar-denominated payment stablecoins in the United States. [B]Further Background:[/B] [LIST] [*]Today, this discussion draft was noticed to the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence hearing: A Golden Age of Digital Assets: Charting a Path Forward. [*]Last Congress, the Committee successfully passed the Clarity for Payment Stablecoins Act with bipartisan support. [*]The STABLE Act builds on the efforts of former House Financial Services Committee Chair, Patrick McHenry, to provide multiple regulatory pathways for payment stablecoin issuers in the United States. [*]One of the key differences between the former Chair’s bill, the Clarity for Payment Stablecoin Act of 2023, and the STABLE Act is that the STABLE Act gives the OCC the authority to approve and supervise federally qualified nonbank payment stablecoin issuers while the Clarity for Payment Stablecoin Act of 2023 included a federal pathway at the Federal Reserve for payment stablecoin issuers. [*]Following the announcement of the Bicameral Working Group on Digital Assets, the Committee - under Chairman Hill and Subcommittee Chairman Steil’s leadership - will pick up the torch and work in a bicameral fashion with Chairman Scott and Senators Hagerty and Lummis to pass federal payment stablecoin legislation and send to President Trump’s desk. [*]On February 4, 2025, Senator Hagerty, joined by Chairman Scott, Digital Assets Subcommittee Chair Senator Lummis and Senator Gillibrand introduced the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, building from the work in the House Committee on Financial Services. [*]Both approaches represent an effort among Republicans to provide the robust protections and transparency consumers expect, provide for federal and state pathways for stablecoin issuance, and secure the United States as the leader in digital finance. [/LIST] ****** Second fun fact -- Chair Tim Scott (Senate Banking Committee) created the first crypto focused subcommittee --- the Digital Asset Subcommittee [URL unfurl="true"]https://www.banking.senate.gov/about/subcommittees[/URL] [/QUOTE]
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