Politico reports (DN.J.) has introduced a bill that will create government-backed insurance for stablecoins.
The draft will define certain stablecoins as “qualified” and make them available “one-to-one” for the US dollar.
Both banks and non-bank financial institutions will be able to issue stablecoins provided they meet certain conditions and are regulated by the Office of the Currency Supervision (OCC).
Gottheimer, who is also a member of the White House Financial Services Committee, began distributing a draft for regulation of stablecoins last week.
According to the news, Gottheimer expects moves from the House Financial Services Committee on stablecoin legislation and broader crypto policy in the next few months.
Senate Banking Committee will meet today for stablecoins.
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