The opening shooting is dismissed in the crypto push of the new congress with a plan for an introduction Tuesday of a draft law of the stable of Senator Bill Hagerty. The legislation would set up an American regulatory framework to issue the tokens denominated in dollars, according to a person familiar with the effort.
The republican of Tennessee, who had brought an effort as a stable to the previous session, is now pushing a bill with the support of the new president of the Senate banking committee, Tim Scott, and the head of his subcommittee of digital assets , Cynthia Lummis. This is a big difference compared to the effort of 2024 which could not unravel the crypto road dam maintained by the head of the previous committee Sherrod Brown, the Ohio Democrat who was defeated in the November elections .
The Hagerty bill, which he calls the guide and the establishment of national innovation in the American stable law (Genius), would define stable payment and implement the procedures to issue them, in particular ‘Establishment of the federal reserve as a guard dog for major banking issuers and the office of the office of the office office of the office of the office of the office of the office of the office of the office of the office of the office of the office of Currency controller office as a regulator for non -banking transmitters over $ 10 billion, the person said. The legislation also describes the reserves that transmitters should maintain.
State regulators would be in place for small transmitters and for large companies that can request derogations.
The distinction between federal and state regulators had been the main collision point when democrats and republicans sought to find a bill on stablecoins during the previous congress, and any new version will always have to put on a bipartite needle. We do not know if the Hagety plan, which Senator Lummis said she would work “to bring this bill to the president’s office,” will attract democratic support with his lighter regulatory approach.
The House of Representatives had approved a draft monitoring of the stable stables during the previous session, but it encountered resistance to obtaining a version with the Senate, which had been sought by Hagety. He is about to present the new legislation today, according to News report by Bloomberg News and confirmed by Hagerty in a publication on the social media site X.
Stablecoins are designed as stable cryptocurrency tokens, the price of which is linked to other assets, generally the dollar. The world leader in Stablescoin is attached (USDT), and its American rival is Circle (USDC) transmitter.
Later Tuesday, the cryptography of President Donald Trump, David Sacks, is expected to lead a press conference with the leaders of the Congress to describe their cryptographic strategy. This Stablecoin effort should be raised during this event.
