Consideration of the bill on the risks of stablecoins in the United States is postponed until Septem
It is reported that lawmakers in the US House of Representatives have postponed the deadline for consideration of the bill concerning the potential risks of stablecoins.
According to a Wall Street Journal report published on Monday, people familiar with the matter said that members of the House of Representatives would probably postpone voting on the stable coin bill until September because they could not complete the project in time for the committee meeting on Wednesday. It is reported that unresolved issues in the bill included provisions on custodial wallets of the Ministry of Finance and concerns of the Securities and Exchange Commission.
Additionally, it became known that Treasury Secretary Janet Yellen wanted to coordinate her response to the bill with the Biden administration. None of them has spoken publicly about the proposed legislation, but Yellen has previously called for clarity of regulation in the crypto space around stablecoins, citing concerns about the de-linking of TerraUSD (formerly UST) to the US dollar. President Joe Biden's March executive order also aims to address gaps in regulatory oversight of digital assets.
To date, lawmakers have postponed or otherwise failed to come to an agreement on many bills proposing to regulate stablecoins in the United States. In February, New Jersey representative Josh Gottheimer introduced the bill "The Law on Innovation and Protection of Stablecoins", which will allow the Federal Deposit Insurance Corporation to support stablecoins in a similar way to fiat deposits. A bipartisan bill introduced in the Senate by Cynthia Lummis and Kirsten Gillibrand in June also proposes regulation of stablecoins issued by financial institutions, but its consideration may be postponed until 2023.
On the other side of the ocean, lawmakers in the United Kingdom continued to push legislation on stablecoins amid a government reshuffle - many members resigned in July in response to former Prime Minister Boris Johnson's reaction to the scandal. It is reported that the Ministry of Finance of the country has also begun to consider the possibility of legalizing stablecoins as a form of payment
https://coin-signal.com/cryptonews/consideration-of-the-bill-on-the-risks-of-stablecoins-in-the-united-states-is-postponed-until-september/
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