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US committee introduces bill for stablecoins

The U.S. unveils the first major crypto bill of 2023, including a moratorium on algorithmic stablecoins like Terra's failed UST.

By Mike Hesp
• 1 min read
US committee introduces bill for stablecoins

The U.S. publishes the first major crypto bill for 2023, including a moratorium on algorithmic stablecoins like Terra's failed UST.

The U.S. House Financial Services Committee has a draft published on stablecoin regulation. A hearing will follow on Wednesday, April 19, according to the committee website.

The draft includes a moratorium on stablecoins that are algorithmically backed by other crypto. This will pause crypto like Terra's collapsed UST until their functionality is fully understood.

Additionally, the committee wants to study potential uses and implications of central bank digital currencies, or CBDCs.

Representatives from the crypto industry are urged to testify at Wednesday's hearing. Among them are a Circle staffer, the issuer of USD Coin (USDC), and Jake Chervinsky of the Blockchain Association.

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