Stablecoins would get federal supervision under emerging House deal – The Washington Post

Top House lawmakers are nearing bipartisan agreement on a proposal to regulate stablecoins, a type of cryptocurrency frequently pegged to the dollar and the subject of intense scrutiny in Washington since last year.

The bill — the product of negotiations between House Financial Services Committee Chair Maxine Waters (D-Calif.) and Rep. Patrick T. McHenry (R-N.C.), the panel’s top Republican — would limit issuers of the digital tokens to banks and certain other financial firms that submit to federal oversight, according to people familiar with the process.

Source: Stablecoins would get federal supervision under emerging House deal – The Washington Post