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Hagerty

US Senator Releases Draft For Stablecoins Clarity Bill – Details

Semilore Faleti
by Semilore Faleti
10 months ago
·
Posted in Stablecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

United States Senator Bill Hagerty has unveiled a discussion draft of a bill to provide clear regulations on the use and operations of stablecoins. This proposed legislation mirrors the same content and objectives as the “Clarity for Payment Stablecoins Act of 2023.”, however with a few modifications.

Related Reading: Tether Marks 10th Anniversary With Teaser For USDT Documentary

Hagerty’s Bill Proposes Dual Regulatory Oversight For Stablecoin Issuers

In July 2023, Republican Senator Patrick McHenry introduced the “Clarity for Payment Stablecoins Act of 2023” targeted at providing the needed recognition, supervision, and regulation of stablecoins in the United States. The bill was cleared by the US House Financial Service Committee seven days after introduction and has since been put on the Union Calendar to be introduced for a debate and vote in the US House of Representatives. 

To maintain the vision of establishing stablecoin regulations in the US, fellow republican Senator Hagerty has released a discussion draft on the “Clarity of Payment Stablecoins Act of 2024”, which comes as Senator McHenry aims to retire at the end of this current administration

This is because all pending legislation that is not passed at the end of an administrative term is cleared out and has to be reintroduced again in the new Congress to gain approval. The discussion draft by Senator Hagerty builds on Senator McHenry’s bill introducing two key additions. 

Firstly, the draft proposes that only stablecoin issuers of tokens with more than $10 billion in market capitalization are supervised by federal regulators, with operators of stablecoins below the specified threshold monitored by state authorities. Furthermore, Senator Hagerty advises the Federal Reserve serves as a regulator for depository institutions, while the Office of the Comptroller of the Currency supervises the operation of federally licensed non-bank issuers.

Commenting on this proposed legislation, the Republican lauds the positive potential of stablecoins in the US. Senator Hagerty says: 

For too long, these benefits and the broader promise of stablecoins have been hindered by the lack of clear regulations. My draft legislation provides much-needed clarity, putting in place the legal framework necessary to unlock this technology’s full potential for the benefit of Americans

For context, a draft discussion represents an early version of a proposed legislation that is circulated to obtain feedback, from industry stakeholders, lawmakers, and experts. It differs from a bill that has been officially introduced to Congress.

Related Reading: Argentina Leads Latin America With $91 Billion Crypto Inflows – Details

Is There A Need For Caution Over Stablecoins Clarity Bill?

The “Clarity for Payment Stablecoins Act” is part of the first set of proposed legislation aimed at bringing administrative recognition to stablecoins and cryptocurrency in general. While this is a welcome development, certain members of the crypto community express concern over the contents of this bill and its implications.

In an X post on Friday, Ethereum community member Ryan Berckmans highlighted some of these concerns. Firstly, the bill by Senator Hagerty bars the use of non-licensed stablecoins likely to include decentralized tokens e.g. DAI.

Furthermore, foreign companies such as Tether would be mandated to obtain a license to issue stablecoins to US citizens. In addition, licensed stablecoins reserves are limited to US dollars, demand deposits, or short-term treasuries eliminating options such as gold. Berckmans believes these rules and others will result in significant market fragmentation as well as stifle innovation in the stablecoin industry. 

Stablecoins
Total crypto market cap valued at $2.133 trillion on the daily chart | Source: TOTAL chart on Tradingview.com

At the time of writing, stablecoins have a combined valued of $165.66 billion, representing 7.59% of the crypto market. Tether (USDT) remains the dominant stablecoin with a market cap of $119.69 billion.

Featured image from StormGain, chart from Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Semilore Faleti

Semilore Faleti

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Semilore Faleti works as a crypto-journalist at Bitconist, providing the latest updates on blockchain developments, crypto regulations, and the DeFi ecosystem. He is a strong crypto enthusiast passionate about covering the growing footprint of blockchain technology in the financial world.

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