GuShiio.com GuShiio.com learned that FOX reporter Eleanor Terrett tweeted that French Hill, Chairman of the U.S. House Financial Services Committee, and Bryan Steil, Chairman of the Digital Assets Subcommittee, issued a discussion paper aimed at establishing a regulatory framework for U.S. stablecoins. The bill stipulates that issuers who pay stablecoins must obtain approval from federal or state regulators and meet 1:1 asset reserve requirements. Reserve assets include U.S. dollars, treasury bonds and short-term repurchase agreements. Issuers need to regularly disclose reserves and accept accounting audits and regulatory reports. In addition, the bill prohibits the re-pledge of reserve assets, sets isolation requirements for client funds, and authorizes federal and state regulators to monitor compliance by stablecoin issuers. The bill imposes a two-year ban on stablecoins that rely solely on self-created digital assets as collateral and requires the Treasury Department to conduct a study on the risks of such assets.
read the original
