Crypto Council Head Predicts Stablecoin Legislation in Next Two Months

US Stablecoin Bill Likely Next 2 Months, BOHINES

A bill aimed at regulating stablecoins in the United States is likely to be introduced in Congress within the next two months, according to a top government official.

The bill, which has been in development for months, is expected to provide a framework for the use and regulation of stablecoins, which are a type of cryptocurrency pegged to the value of a fiat currency, such as the US dollar.

Speaking at a conference in Washington, D.C. on Tuesday, Acting Comptroller of the Currency Michael Hsu said that the bill is expected to be introduced in the House of Representatives and the Senate within the next two months.

"We're working on a bill that will provide a framework for stablecoins," Hsu said. "We're trying to get it done in the next two months. We're working with the Federal Reserve, the Treasury Department, and other agencies to get it right."

The bill is expected to address a number of issues related to stablecoins, including the need for more transparency and oversight in the sector. Stablecoins have been increasingly popular in recent years, with many companies and individuals using them to make payments and store value.

However, the rapid growth of the stablecoin sector has also raised concerns about the potential risks and challenges associated with these types of currencies. Some experts have warned that stablecoins could pose a risk to the stability of the financial system if they are not properly regulated.

The bill is expected to provide a framework for the use and regulation of stablecoins, including requirements for transparency and oversight. It is also expected to address the issue of stablecoins being used for illegal activities, such as money laundering and terrorist financing.

The introduction of a bill regulating stablecoins is seen as a major step forward in the development of the cryptocurrency sector. It is expected to provide a foundation for the growth and development of the sector, while also addressing the concerns and challenges associated with stablecoins.