WASHINGTON—Senator Bill Hagerty (R-Tenn.), a member of the Senate Banking Committee, today released a discussion draft of a bill that would establish a clear regulatory framework for the regulation and supervision of stablecoin issuers. did.
“Stablecoins not only strengthen our trading and payment systems, they also have the potential to create new demand for U.S. Treasuries as we address unsustainable budget deficits,” said Senator Hagerty. . “For too long, these benefits and widespread promise for stablecoins have been hampered by a lack of clear regulation. My bill provides much-needed clarity and is in the interest of the American people. We will put in place the legal framework necessary to realize the full potential of this technology.”
Sen. Hagerty’s discussion draft builds on the Stablecoin Payments Clarification Act introduced by House Financial Services Committee Chairman Patrick McHenry. Sen. Hagerty’s bill would exempt issuers of stablecoins with a total value of less than $10 billion from federal regulation, allowing them to remain under oversight by state regulators. Issuers exceeding the $10 billion threshold may seek exemptions from appropriate federal regulators to remain under state regulation. Additionally, the law designates the Federal Reserve System as the supervisor of issuers that are depository financial institutions and the Office of the Comptroller of the Currency as the supervisor of federally qualified nonbank issuers.
These key provisions and other technical amendments strengthen national pathways to stablecoin issuance and establish a coordinated regulatory regime to most effectively foster innovation and protect consumers. .
Please send feedback on the discussion draft to matt_venoit@hagerty.senate.gov by November 1st.
Read the full text of the bill here.
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