North Dakota Bankers
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Federal Stablecoin Legislation Advances out of House Committee

Federal Stablecoin Legislation Advances out of House Committee

Posted: Aug 02 2023
The House Financial Services Committee has voted to advance legislation establishing regulatory framework for stablecoins to the Full House for consideration.  The bill, H.R. 4766, would allow state banking regulators to approve and supervise nonbank stablecoin issuers.

Last week, the NDBA joined the ABA and the other 50 state bankers’ association in submitted testimony to the Committee opposing the draft stablecoin bill. 

The letter notes our concern that the legislation, “would create a significant charter arbitrage opportunity that puts consumers at risk, disadvantages banks, and undermines financial stability.”

To read the bill, visit: https://www.congress.gov/bill/118th-congress/house-bill/4766
 

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