Pro
The Week In Crypto Policy: Senator Hagerty's Stablecoin Bill
Key Insights
- Senator Bill Hagerty (R-TN) unveiled a draft bill to establish a regulatory framework for stablecoin issuers, drawing heavily on Chairman McHenry's Clarity for Payment Stablecoins Act.
- Crypto.com is asking a federal district court in Texas to set aside the SEC's “de facto rule” that treats virtually all digital assets sales as securities, and declare the platform is not acting as an unregistered securities broker-dealer or clearing agency.
Clarity for Payment Stablecoins Act of 2024
On Thursday, Senator Bill Hagerty (R-TN) unveiled a discussion draft for the Clarity for Payment Stablecoins Act of 2024.
- Text.
Similar to Chair Patrick McHenry's bill, Senator Hagerty's bill would establish reserve, disclosure, and redemption requirements for issuers, create pathways for bank and nonbank issuers, and delineate supervisory and enforcement roles for federal and state regulators.
Let us know what you loved about the report, what may be missing, or share any other feedback by filling out this short form. All responses are subject to our Privacy Policy and Terms of Service.
George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.