In the United States proposed to oblige the issuers of stablecoins to obtain banking licenses
A new bill has been filed in the US Congress requiring stablecoin issuers to obtain banking licenses and regulatory approval before releasing their instruments into circulation.
As lawmakers explain in an accompanying press release, the proposed regulations are focused on regulating stablecoins. They cite Facebook’s announced Libra, which has since been renamed Diem, as an example of a regulated stablecoin..
“Digital currencies, whose value is constantly pegged or stabilized against traditional currencies such as the dollar, pose new regulatory challenges, while presenting a growing source of risks to the market, liquidity and credit risks,” they write..
Under the new legislation, stablecoin issuers want to be required to request permits from the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and banking regulators, as well as obtain insurance in the FDIC or maintain reserves to ensure a quick conversion of funds into US dollars.
Many stablecoin issuers, including Circle, Gemini and Paxos, currently operate in the US without banking licenses..
Circle CEO Jeremy Aller wrote in response to the latest proposal: “This will be a huge step backward for digital currency innovation in the US and will limit the advancement of both the blockchain industry and financial technology.”.
Earlier, the same group of legislators signed a letter criticizing the Office of the Comptroller of the Currency, which, according to the author, has been overly focused on improving regulation of the cryptocurrency industry in recent times..
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