The US Senate has proposed to tighten the control over stablecoins
Date: 2025-03-13 Author: Henry Casey Categories: CRYPTO PAYMENTS
The document specifies that companies that have issued stablecoins worth more than $10 billion will fall under the control of the Federal Reserve System (FRS). Smaller issuers will remain under the control of local regulators corresponding to their jurisdiction.
Additionally, measures have been proposed to ensure financial stability, including regular checks of liquidity reserves, enhanced monitoring of compliance with the sanctions regime, and the fight against money laundering.
EasyA co-founder Dom Kwok expressed the opinion that such strict standards could create obstacles for foreign issuers such as Tether, but at the same time strengthen the position of American companies such as Circle. According to him, many foreign market participants will have a hard time complying with the new requirements, which will give an advantage to stablecoins issued in the United States.
The Senate Banking Committee is scheduled to consider the bill on March 13, after which it will be sent to the House of Representatives.
Earlier, the European Securities and Markets Authority (ESMA) clarified the legal status of the Tether USDT stablecoin, stating that it does not fully comply with the requirements of the European Cryptocurrency Asset Regulation (MiCA).
