U.S. Democratic Representative Maxine Waters releases proposal to regulate stablecoin
Internet reports that U.S. Democratic Representative Maxine Waters released a stablecoin supervision proposal, proposing that the Office of the Comptroller of the Currency (OCC), the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) supervise stablecoin issuers and require registered issuers to hold 1:1 reserves. Last week, Republican Representatives French Hill and Bryan Steil introduced a similar bill, but advocated for the OCC to regulate non-bank stablecoin issuers rather than approval by the Federal Reserve.
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