2023-04-20 12:13:40
Results of U.S. Congressional hearing on regulation of stablecoins:
There was a widespread discussion of the new bill that was presented.
Stablecoin issuers would be required to hold fiat reserves at banks backing their tokens at a 1-to-1 ratio.
The bill transfers control over stablcoin issuers, formerly held by the SEC, to the Federal Reserve's Banking Committee
Issuing stabelcoins without the consent of the authorities, could be fined of up to $1,000,000 and 5 years in prison.
Circle released a written copy of its proposal speech.
The Democratic Party of the United States criticized the bill.
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