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US Stablecoin Bill Could Bypass Regulators

 |  July 18, 2022

A member of the House Financial Services Committee said lawmakers could overrule US regulators who want stablecoins to be governed solely by banks.

As Coindesk reported Monday (July 18), Democrats on the committee have been working on rules for stablecoins that might be as stringent as the Treasury Department and financial regulators had hoped.

The bill could create a path for nonbank firms to become government-approved stablecoin issuers, Rep. Jim Himes, D-Conn., a senior member of the committee and one of its subcommittee chairmen but who isn’t working directly on the legislation, told Coindesk.