The US Congress Will Introduce a New Stablecoin Bill By Cointelegraph

A new bill establishing a framework for stablecoins in the United States has been published in the House Documents Repository, just days ahead of a hearing on the matter on April 19. The bill puts the Federal Reserve in charge of non-bank issuers of stablecoins, such as crypto firms and Circle, respectively issuers of Tether (USDT) and (USDC).

Stablecoins are a class of cryptocurrencies that attempt to offer price stability to investors by backing them up with specific assets or using algorithms to adjust supply based on demand. Stablecoins were introduced in 2014 with the launch of BitUSD.

According to the document, Securities depository institutions wishing to issue stablecoins will be under the supervision of the appropriate federal banking agency, while non-bank institutions will be under the supervision of the Federal Reserve. Failure to register could result in up to five years in prison and a $1 million fine. Exporters outside the United States will have to apply for registration to do business in the country.

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