A proposed bill aims to classify stablecoins as securities

Rep. Sylvia Garcia (D-Texas) introduced a bill to the House Financial Services Committee stating stablecoins lack regulatory guidance and should be classified as securities. According to CoinDesk, the proposed legislation could be a response to Facebook’s Libra, a project certain U.S. regulators seem keen on shutting down before it launches. The bill still needs to pass through multiple voting rounds before it can become a law, but the growing disapproval of Libra among regulators may not bode well for other stablecoin issuers.