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Draft bill suggests separating legislation on payment stablecoins and digital asset markets

April 24, 2023

Republican lawmakers with the United States House Financial Services Committee have released a draft of a bill focused on payment stablecoins rather than overseeing other aspects of digital asset markets.

A senior Republican committee staffer involved in drafting the legislation told reporters on April 24 that they had narrowed the scope of a stablecoin bill proposed in September 2022 in response to feedback from lawmakers. The bill, aimed at providing “for the regulation of payment stablecoins,” would be separate from legislation focused on custodial service providers, algorithmic stablecoins, and a study on central bank digital currencies.

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