US Senator Proposes Regulatory Framework For Stablecoins

According to BlockBeats, on October 11, U.S. Senator Bill Hagerty introduced a legislative discussion draft aimed at creating a regulatory framework for stablecoins. This initiative aligns closely with ongoing efforts in the House of Representatives. In a statement released on Thursday, Republican Hagerty emphasized that his legislative draft provides much-needed regulatory clarity. The draft mirrors the structure of the Clarity for Payment Stablecoins Act, which was drafted by Republican Representative Patrick McHenry and Democrat Maxine Waters in the House of Representatives. Hagerty's proposal adopts the framework of the House bill, dividing federal oversight between the Federal Reserve for banks and the Office of the Comptroller of the Currency for non-bank entities. The draft includes a provision that issuers exceeding a $10 billion threshold may receive exemptions from federal regulators, allowing them to remain under state jurisdiction. Additionally, the legislative draft mandates maintaining dollar-denominated foreign exchange reserves on a one-to-one basis.