"Regulation Looms: US Congress Drafts Stablecoin Bill and Calls for Testimony"

The US House Financial Services Committee has released a draft version of a potential stablecoin bill, which proposes a moratorium on stablecoins backed by other cryptocurrencies and a request to study a central bank digital currency (CBDC). The bill creates definitions for payment stablecoin issuers and seeks a study of the potential impact of a CBDC issued by the Federal Reserve. The moratorium on stablecoins like UST would last until a study can be conducted. A House Financial Services subcommittee will hold a hearing on stablecoins on Wednesday.