According to DLNews, the U.S. Congress may advance a stablecoin bill during the "lame duck" session. Both parties in Congress are interested in promoting a stablecoin bill due to new global regulations and financial companies entering the field.
There are about $170 billion worth of stablecoins in circulation worldwide, 98% of which are pegged to the U.S. dollar. Failure to regulate the field could leave the U.S. behind. Democrats and Republicans on the House Financial Services Committee have been working on a stablecoin bill for years.
The Republican version of the bill has passed committee and entered the House without progressing. Republican committee chairman Patrick McHenry may be looking for a policy victory before retirement. Senate Banking Committee Chairman Sherrod Brown said he would pass the bill if it were presented.
Treasury Secretary Janet Yellen has repeatedly stated that Congress should provide a federal basis for stablecoin regulation. Republicans want state regulation, while Democrats prefer federal regulation. Another bill worth paying attention to is the FIT21 Act, which aims to create a regulatory framework for cryptocurrencies.
