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The Week in Crypto Policy: Stablecoin Bill Comparison
Key Insights
- While major stablecoin proposals to date agree on high-level principles like establishing reserve, disclosure, and redemption policies, they diverge on specifics around who may issue stablecoins and roles for federal and state regulators.
- Vice President Kamala Harris's campaign unveiled a new “Opportunity Agenda for Black Men,” which includes, as one of five agenda items: “supporting a regulatory framework for cryptocurrency and other digital assets so Black men who invest in and own these assets are protected.”
Stablecoin Bill Comparisons
If stablecoin legislation were somehow able to pass this Congress, any final bill would likely draw heavily from three major proposals published to date:
- (1) House Financial Services Committee Chair Patrick McHenry’s Clarity for Payment Stablecoin Act (Reported out of committee on May 7, 2024; passed 34-16 in committee on 7.27.23; Rep. Ritchie Torres (D-NY) is a cosponsor).
- (2) Senator Bill Hagerty’s Clarity for Payment Stablecoin Act (Discussion draft unveiled last Thursday; no cosponsors).
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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.