The unresolved problems within the bill reportedly enclosed provisions on custodial wallets from the treasury department, and concerns from the Securities and Exchange Commission.
Lawmakers within the us House of Representatives have reportedly pushed back the timeline for considering a bill addressing the potential risks of stablecoins.
According to a Monday report from the Wall Street Journal, folks familiar with the matter said House members can likely delay voting on a stablecoin bill till Gregorian calendar month when being unable to finish a draft in time for a Wednesday committee meeting. The unresolved problems within the bill reportedly included provisions on tutelar wallets from the Treasury and considerations from the Securities and Exchange Commission.
Treasury Secretary Janet Yellen reportedly wanted to coordinate with the Biden administration for her response to the bill. Neither has in public weighed in on the planned legislation, however Yellen previously drawn up regulative clarity within the crypto space around stablecoins, citing concerns around TerraUSD (formerly UST) depegging from the U.S. dollar. President Joe Biden’s government order from March additionally aims to deal with gaps in regulative oversight on digital assets.
To date, lawmakers have deferred or otherwise been unable to come to an agreement on several of the bills proposing to manage stablecoins within the us. In February, New Jersey Representative tantalize Gottheimer introduced a bill, the Stablecoin Innovation and Protection Act, that will enable the Federal Deposit Insurance Corporation to back stablecoins during a manner the same as act deposits. A two-party bill introduced within the Senate by Cynthia Lummis and Kirsten Gillibrand in June additionally planned regulation stablecoins issued by monetary establishments however could also be delayed from thought till 2023.
( Turner Wright, Cointelegraph, 2022 )