The House of Representatives in the US has postponed a bill that addresses the risks derived from the use of stablecoins. The voting for the bill will be delayed until September until the lawmakers address some unresolved issues within the bill.
US postpones bill on stablecoin risks
A Wall Street Journal report said House of Representatives members would delay a vote on a stablecoin bill. The vote has been pushed to September due to the lack of a complete draft for a committee meeting on Wednesday.
The bill has many unresolved issues, including provisions on custodial wallets from the Treasury Department. There are also concerns raised by the Securities and Exchange Commission (SEC).
Treasury Secretary Janet Yellen, who has always been vocal about cryptocurrency regulations, said that it needed consultations with the Biden administration to provide an official response on this bill.
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Yellen has yet to publicly give her opinion about this new bill. However, she has advocated for clarity in stablecoin regulations and even referred to the collapse of TerraUSD (UST) stablecoin. Earlier this year, the Biden administration issued an executive order on crypto regulations to address the gap in the regulatory framework for digital assets.
Crypto regulations in the US
The crypto market in the United States is regulated by the Commodity Futures Commission (CFTC) and the Securities and Exchange Commission (SEC). Lawmakers in the country have also introduced bills to regulate crypto assets, including stablecoins, but these bills are yet to be agreed upon.
Josh Gottheimer, a representative from New Jersey, tabled a bill known as the “Stablecoin Innovation and Protection Act.” The bill will enable the Federal Deposit Insurance Corporation to support stablecoins like fiat currencies.
Another bill before lawmakers is a bipartisan bill launched by Senators Cynthia Lummis and Kirsten Gillibrand. The bill was launched in June and had a provision for stablecoin regulations. However, the consideration for the bill could be postponed to 2023.
Lawmakers based in the United Kingdom are also pushing ahead with regulations on stablecoins amid an unstable political climate. Earlier this month, several legislatures resigned, prompting the country’s Prime Minister, Boris Johnson, to also announce his resignation. The UK Treasury department is also considering accepting stablecoins as legal payment methods accepted in the country.
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