Lawmakers in the United States are drafting legislation to require issuers of the currency
Three members of the U.S. Congress have drafted the Stabiscoin Network Sharing and Banking Licensing Enforcement Act (Stabiscoin Act) to protect consumers from the risks posed by emerging digital payment tools, such as Facebook's Stabiscoin & NBSP; by regulating stabiscoin issuance and related business activities. Libra And other stabilizers that are currently on the market.
According to understand, the bill requires a stable currency stable potential issuers before issuing any stable currency for a banking licence, required to provide a stable currency services companies must abide by the existing regulation related bank under the jurisdiction of laws and regulations, require any release stable currency company or bank report six months before release to the fed, the federal deposit insurance corporation (FDIC) and related banking institutions, and subject to approval and need to ensure a sustainable impact on the underlying system and risk analysis. In addition, any issuer of stabilizers would be required to obtain FDIC insurance or otherwise maintain reserves in federal Reserve reserves to ensure that all stabilizers can be converted into dollars on demand and at any time.
"Digital currencies, whose value is permanently tied to, or stable against, traditional currencies such as the U.S. dollar, pose new regulatory challenges and also represent a growing source of market, liquidity and credit risk," the release said.
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