Key Differences Persist in U.S. Stablecoin Legislation, Says French Hill
The U.S. Senate might be on the verge of a crucial vote to regulate stablecoins, marking a significant step for cryptocurrency legislation in Congress. However, Representative French Hill highlighted that discrepancies between the Senate’s and House’s proposals need addressing for the bill to pass into law.
Highlights:
- French Hill, chairman of the House Financial Services Committee, pointed out that both chambers need to reconcile certain variations before any stablecoin legislation can be enacted.
- The Senate is expected to advance its version, termed the GENIUS Act, shortly.
In a statement, Hill noted, “The bills are substantially similar, but there are differences that can be resolved.” He emphasized that tougher measures from the House regarding international regulatory reciprocity for foreign stablecoin issuers, especially as it relates to Tether, create significant legislative hurdles.
Hill elaborated that companies need to either register in the U.S. or operate under a recognized international regime to comply with the House’s proposed laws.
Moreover, he mentioned that while the Senate’s approach might be less stringent regarding company regulations, the need for a clear pathway for regulatory authorities remains paramount. Hill expressed hope that negotiations would soon lead to consensus allowing the legislation to proceed, particularly emphasizing the importance of these efforts in light of recent political distractions that have complicated the legislative environment.
