TechFlow news, according to The Block, Maxine Waters, the top Democrat on the U.S. House Committee on Financial Services, introduced a draft discussion bill on stablecoin regulation on February 10. The draft requires stablecoin issuers to maintain reserves of at least a 1:1 ratio and be subject to oversight by federal regulators such as the Office of the Comptroller of the Currency (OCC), the Federal Reserve (Fed), and the Federal Deposit Insurance Corporation (FDIC), as well as state regulators.
Notably, Republican lawmakers introduced their own stablecoin regulatory draft last week, reflecting differences in regulatory approaches. Meanwhile, the Senate has established a working group that will collaborate with the House Financial Services Committee, the Senate Agriculture Committee, and other bodies to jointly develop rules for cryptocurrencies and stablecoins.
