The US Treasury Department would be able to impose a ban on certain Stablecoins. Such proposals are contained in a bill introduced in the House of Representatives to create a "comprehensive regulatory framework" for regulating the digital asset market.
The document was authored by Virginia Democrat Don Beyer. He called the current situation in the sphere "ambiguous and dangerous for investors and consumers".
The congressman is convinced that his initiative would provide "basic protection against fraud, theft and manipulation" that has accompanied the industry in recent years.
The bill aims to address the following objectives:
Treasury Secretary Janet Yellen announced guidance on the benefits and risks associated with StableCoins.
Boston Fed President Eric Rosengren said in June that Stablecoins threaten the financial system. Fed Vice Chairman Randal Quarles called for stablecoins not to be feared.
Earlier, a study by Yale economist Gary Gorton and Fed lawyer Geoffrey Zhang was released. They predicted a return of the US to the 19th century era of "wild banking" in the absence of proper regulation of stablcoins.