The US House Financial Services Committee has just released the third version of the stablecoin regulation bill.
The document, titled "The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem," will reportedly be discussed at a committee hearing tomorrow.
According to the updated text, lawmakers have proposed the US Federal Reserve (Fed) as the oversight body for the stablecoin sector, forcing the regulator to prepare future requirements for the release of assets.
Other affiliated agencies will also be empowered to track the activities of issuing companies.
The document discusses who can issue such assets and requirements for payment stablecoins. The initiative also includes a two-year moratorium on secured stablecoins.
If passed, the bill will be the first guidance for overseeing and enforcing stablecoin markets in the United States.
It should be noted that lawmakers from both parties have been working on the document.