A Biden administration official tells CoinDesk that the U.S. federal government is working on stablecoin legislation with Congress that could become law by the end of the year.
legislation with Congress that could become law by the end of the year, an administration official told CoinDesk.
The President’s Working Group on Financial Markets, an intergovernmental group composed of the heads of several financial regulators, met Thursday to discuss recent stablecoin activities and future legislation. This legislation would be introduced by the House Financial Services Committee, the official said.
Thursday’s meeting was planned to let regulators and other participants review recent events in the stablecoin sector, including, the official said. It was also meant to involve the participants in the efforts to move legislation this year. This legislative package, which has yet to be finalized or introduced, would define stablecoins for the purposes of U.S. regulation and address how they’re used. It would also preserve existing regulatory authority over the sector, the official said.Thursday’s meeting was constructive, the official told CoinDesk.
The working group has looked at stablecoins for two years now and published a sweeping report in November 2021 proposing a possible regulatory framework for this aspect of the broader cryptocurrency industry.The official also said the regulators saw the need for bipartisan support.
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