U.S. Senator Bill Hagerty has introduced a new bill aimed at establishing a regulatory framework for stablecoins.
The proposed legislation seeks to bring stable digital assets under the oversight of the Federal Reserve (FED) while promoting innovation through clearer regulations.
Hagerty emphasized that the bill is designed to enhance security within the stablecoin market and position the U.S. as a global leader in digital assets. He is working closely with members of Congress to ensure the bill progresses swiftly. The proposal has also received support from Senators Tim Scott, Kirsten Gillibrand, and Cynthia Lummis.
Under the new regulation, stablecoin issuers with a market capitalization exceeding $10 billion will be regulated by the FED, while smaller issuers will fall under state regulatory authorities. Additionally, stablecoin companies will be required to undergo independent audits every month and publish regular transparency reports. Issuers providing false or misleading information
