08.02.2025 15:33
The U.S. Congress has announced a new draft legislation to regulate stablecoins pegged to the dollar. The draft proposes a two-year moratorium on the issuance of endogenously collateralized stablecoins and aims to reinforce the global leadership of the dollar.
The U.S. House of Representatives is working on a new bill aimed at regulating dollar-pegged payment instruments. The draft imposes a two-year moratorium on the issuance of stablecoins and requests significant work from the U.S. Department of the Treasury. These steps aim to reinforce the U.S.'s leadership in the cryptocurrency market and strengthen the dollar's global dominance.
New Bill on the Agenda to Enhance the Power of the Dollar
The U.S. House of Representatives Financial Services Committee has initiated a new effort regarding the regulation of dollar-backed stablecoins. Committee Chairman French Hill announced that they aim to offer dollar-backed stablecoins to American citizens in collaboration with the Trump administration.
The bill being worked on by Representatives French Hill and Bryan Steil envisions the regulation of dollar-based payment stablecoins in America. A notable provision in the draft imposes a two-year moratorium on the issuance of "endogenously collateralized stablecoins." This regulation will prevent companies from launching stable currencies backed by their own digital assets. The draft also anticipates that the U.S. Department of the Treasury will conduct a comprehensive study related to stablecoins.
In a statement regarding the regulation, Hill said, "By creating a clear regulatory framework for stablecoins used for payment purposes, we can support innovation, strengthen the dollar's position as the world's reserve currency, and protect market participants."
David Sacks, the Crypto Advisor to the Trump administration, noted that stablecoins could enhance the dollar's international effectiveness. However, legal expert David Lesperance warned that this support could change if threats to the dollar's status as a global reserve currency emerge.