What is a stablecoin Bill?

The stablecoin bill is the first major piece of crypto legislation in 2023. The U.S. House Financial Services Committee published a draft version of a potential landmark stablecoin bill, with proposals including a moratorium on stablecoins backed by other cryptocurrencies and a request to study a central bank digital currency (CBDC).

Is it a 'yes' to stablecoins vs 'No'?

This means that the decision we face in the United States is not Yes to stablecoins vs. No to stablecoins. It is ‘yes’ to stablecoins vs. ‘yes’ to stablecoins offshore. That stablecoins will proceed elsewhere means this is a critical decision for the United States from both a national security standpoint and a financial stability one.

What is a stablecoin moratorium?

It creates definitions for payment stablecoin issuers, echoing a term former Senator Pat Toomey (R-Pa.) used when he introduced his own stablecoin bill in 2022. The moratorium on stablecoins like UST would last until a study can be conducted.

What if a dollar flows into stablecoins?

Every dollar that flows into stablecoins is a dollar that can leave an exploitative local financial system, or a high priced intermediary, and flow into a simple, transparent, cheap option if structured like the payments stablecoins in H.R. 4766.