Los Angeles County's troubled juvenile detention facilities, Barry J. Nidorf Juvenile Hall and Central Juvenile Hall, have been allowed to remain open after state regulators lifted their "unsuitable" designation, despite failed inspections over safety issues and other problems. The Board of State and Community Corrections warned that the facilities must sustain improvements, and the county probation department acknowledged ongoing concerns and the need for further action. This decision comes as California shifts responsibility for youth prisons to counties, following a reform effort driven by a class-action lawsuit and incentives to keep youths out of the state system.
The US House Financial Services Committee has released the third draft of the stablecoin bill, which proposes the US Federal Reserve as the key regulator for issuing stablecoins and offers state regulators powers to oversee the companies issuing the tokens. The bill also proposes a two-year moratorium for collateralized stablecoins from the date of enactment. If approved, the bill would become the first example of crypto legislation in the United States.
Republicans on the House Financial Services Committee have released a new draft of legislation to regulate stablecoin issuers, which focuses on rules governing the registration and approval process for individual prospective stablecoin issuers. The bill contains many of the features of a version that was negotiated last year, such as the requirement that payment stablecoin issuers be approved and regulated by either a "federal payment stablecoin regulator" or "a registered State qualified payment stablecoin issuer." The new draft envisions a larger role in the market for state regulators, despite the fact that the vast majority of states do not have a stablecoin regulatory framework in place yet.
