Cointime

Cointime

Download App
iOS & Android
Home / Policy

U.S. House lawmakers meet to discuss stablecoin bill

Lawmakers pushing for stablecoin legislation met with Senate Majority Leader Chuck Schumer. House Financial Services Committee Chairman Patrick McHenry and senior Democrat on the committee, Representative Maxine Waters, met with Schumer on Thursday to push for legislation and may tie it to the reauthorization of funding for the Federal Aviation Administration (FAA). In crypto activities, McHenry has repeatedly stated that his group's stablecoin bill still has a chance of passing and being signed into law by President Joe Biden, including in earlier remarks this week. McHenry, who is retiring from Congress this year, prioritizes legislation to provide protection for token issuers and to provide a more stable foundation for more volatile cryptocurrency transactions, among other purposes.

stablecoin
Comments

All Comments

Recommended for you

  • Hong Kong expands digital yuan pilot to allow e-CNY wallets for cross-border payments

    The Hong Kong Monetary Authority and the People's Bank of China have expanded their cross-border digital yuan pilot to allow Hong Kong residents to use e-CNY wallets for cross-boundary payments. The digital yuan is China's central bank digital currency, which has been piloted for several years and is among the most advanced of its kind globally. Users can set up wallets using just a phone number and top them up in real-time through 17 Hong Kong retail banks. The HKMA plans to work with the Digital Currency Institute to explore enhancing interoperability in payments and corporate use cases, such as cross-border trade settlement.

  • Türkiye proposes to align crypto legislation with international standards

    Turkey's ruling party submitted a draft encryption bill to parliament on May 16. The bill focuses on licensing and registration of encryption service providers and aligning with international standards.The draft law aims to update existing legislation to comprehensively regulate the emerging cryptocurrency market. The key areas of focus for the bill include consumer protection, platform transparency, and compliance with financial regulations. The proposed legislation aims to regulate cryptocurrency trading platforms and other service providers in the industry, requiring them to obtain a license from the Capital Markets Board of Turkey.

  • US Secret Service seizes domain used to run cryptocurrency scam

    On May 17th, the US Secret Service seized a domain used for cryptocurrency trust fraud in a "pig-killing plate" scam. In the "pig-killing plate" scam, scammers contact victims through various means, including dating apps, social media websites, and even random text messages disguised as wrong numbers.

  • French securities regulator issues new warning to Bybit

    The French securities regulator has issued a new warning to the cryptocurrency exchange Bybit, urging customers to make arrangements for the possibility that the platform may suddenly stop providing services to French customers. The Financial Markets Authority (AMF) stated in a notice on Thursday that the exchange is not registered as a Digital Asset Service Provider (DASP), and therefore is providing services illegally in France. Bybit has been blacklisted by the AMF since May 20, 2022 for illegal operations.

  • Swiss Federal Council Plans to Implement Crypto Asset Reporting Framework to Improve Tax Transparency

    The Swiss Federal Council (consisting of seven members jointly leading the Swiss government) plans to implement a Cryptocurrency Asset Reporting Framework (CARF) to increase tax transparency.On the 15th, the Federal Council issued a consultation document to investigate public opinion on joining the Automatic Exchange of Information (AEOI) to combat tax evasion and avoidance in cooperation with international tax authorities. Currently, Switzerland's joining of AEOI is scheduled for January 1, 2026. It is reported that the Organisation for Economic Co-operation and Development (OECD) established AEOI and other initiatives for the Group of Twenty (G20) countries, which later expanded to include other countries.Switzerland previously adopted the Common Reporting Standard (CRS) of the OECD in 2014, but did not include CARF regulating cryptocurrency assets and their providers.

  • US lawmaker: SEC should repeal crypto accounting policy before Senate vote

    US legislator Wiley Nickel wrote a letter to Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), on May 15th, stating that the SEC should repeal the cryptocurrency accounting policy (SAB 121) before the Senate vote. Protecting investors is the mission of the US Securities and Exchange Commission, but SAB 121 does the opposite by preventing heavily regulated US banks from mass custody of digital assets. In addition, Wiley Nickel criticized the SEC for bypassing the rule-making process when issuing SAB 121, believing that the purpose of the cryptocurrency accounting policy is to clarify existing policies, not to create new ones.

  • Chinese Police Dismantle $1.9B Smuggling Ring Using USDT Stablecoin

    Chinese police have dismantled a large-scale underground banking scheme involved in smuggling operations valued at $1.9 billion. The illicit network used Tether's stablecoin USDT to facilitate the smuggling of pharmaceuticals, cosmetics, and the purchase of prohibited goods overseas. The crackdown coincides with China's nationwide observance of "May 15" Publicity Day for Combating and Preventing Economic Crimes. Police have arrested 193 suspects nationwide, including ring leaders Lin, Weng, Chen, and other unnamed individuals.

  • Philippines central bank approves peso stablecoin pilot

    The Philippines central bank has authorized Coins.ph to initiate a pilot program for a new Philippine Peso-backed stablecoin, PHPC, under its Regulatory Sandbox Framework. This pilot aims to integrate PHPC into significant remittance channels to enhance the efficiency of transactions within the substantial Philippine remittance market. Coins.ph plans to launch the stablecoin by early June, following comprehensive real-world application testing to potentially achieve full regulatory approval.

  • New Stablecoin Bill Introduced in US Senate to Regulate Dollar-Pegged Digital Assets

    Senators Cynthia Lummis and Kirsten Gillibrand have proposed a new bill that aims to establish definitions for dollar-pegged digital assets and their issuers. The bill mandates that payment stablecoin issuers meet reserve and operational requirements, including creating subsidiaries specifically for issuing stablecoins. Additionally, stablecoin issuers must deal in dollar-backed tokens and ensure their tokens are fully backed by reserve assets. The proposed legislation seeks to define how stablecoins will operate in the US and would prohibit algorithmic stablecoins. There are ongoing discussions about attaching stablecoin legislation to a must-pass bill reauthorizing the Federal Aviation Administration, and Senator Sherrod Brown has indicated that specific safeguards must be included for the legislation to move forward.

  • UK to Issue New Legislation for Stablecoins and Crypto Activities by June/July, says Economic Secretary

    The U.K. government plans to introduce new legislation for stablecoins, as well as for crypto staking, exchange, and custody by June or July of this year. Economic Secretary Bim Afolami announced this at the Innovate Finance Global Summit on Monday, stating that the government aims to make the U.K. a global hub for crypto. The legislation will bring a range of crypto asset activities within the regulatory perimeter for the first time. The U.K. passed a financial markets bill in 2023, laying the foundation for regulated financial activities in the country, and the government has consulted with local regulators on its ambitions to regulate crypto.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company