BlockBeats news reports that U.S. Senator Bill Hagerty has released a draft legislative discussion on October 11. This draft is focused on creating a regulatory framework for stablecoins. Senator Hagerty, a Republican, states that the draft legislation provides the much-needed regulatory clarity. This draft is very similar to the Clarity for Payment Stablecoins Act that was proposed in the House of Representatives by Republican Rep. Patrick McHenry and Democrat Maxine Waters.
The draft from Hagerty proposes that federal regulation be divided between the Federal Reserve’s supervision of banks and the Office of the Comptroller of the Currency’s supervision of nonbank institutions. In addition, it proposes that issuers with over $10 billion may be exempted from federal regulators and be subject to state jurisdiction instead. Furthermore, the draft legislation includes maintaining a one-to-one ratio of dollar-denominated foreign exchange reserves.
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