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U.S. Representatives French Hill and Brian Steele have released a discussion draft of a bill that would establish a regulatory framework for U.S. dollar-pegged payment stablecoins. The legislation would impose a two-year ban on the issuance of "endogenous collateralised stablecoins", meaning issuers would be prohibited from creating stablecoins backed by self-issued digital assets. In addition, it would require the US Treasury to promote research on stablecoins. Before the draft bill was release...
Arkansas Republican Congressman French Hill recently sent a letter to Securities Exchange Commission (SEC) Chairperson Gary Gensler and other officials calling for a suspension of all ongoing rulemaking. Hill said that the public is deeply dissatisfied with the excessive regulation of the previous government, especially in the field of crypto, which may limit innovation. He criticized existing rules for constraining economic growth, emphasizing that they should be suspended to restore the balanc...
