U.S. House Financial Services Committee Publishes Draft Stablecoin Regulation Proposal

According to CoinDesk, the U.S. House of Representatives Financial Services Committee has released a new draft of major legislative proposals for stablecoin regulation, which will be further discussed at a committee hearing on June 13. The draft would require the Fed to set requirements for issuing stablecoins, but would still let state regulators oversee companies that issue those tokens. It would also give the Fed some additional powers, including the power to intervene with state-regulated issuers in emergencies. States could also hand over their regulatory responsibilities to federal regulators.