The American Senator Bill Hagerty submitted for the approval of the Banking Committee of the upper house of the US Congress Updated version of the bill describing the rules for regulating activities and monitoring the issuers of stablecoins.

In an edited bill, an approach to the previously proposed standards for regulating issuers was revised. Emitters with a capitalization of over $ 10 billion should be transferred under the supervision of the federal reserve system (Fed), while the small ones will remain subordinate to state regulators at the place of jurisdiction.

In addition, the law introduces strict measures to control risks and compliance with financial stability standards. It is proposed to conduct regular inspections for compliance with liquidity reserves, inspections for compliance with sanctions and enhanced procedures against money laundering.

Co -founder Easya House Kwok (Dom Kwok) Commented Innovations as a “super -high standard”, which can make it difficult to work in the market of stablcoins of foreign competitors, such as Tether, and give an advantage to American issuers, for example Circle. Since most foreign issuers will be difficult to comply with standards, this will give stablecoins released in the USA a competitive advantage, the businessman believes.

The Senate banking committee will consider the bill on March 13, then the document will have to submit to the House of Representatives.

Earlier, the European Securities and Markets Office (ESMA) explained the legal status of Tether USDT stabilcoins, which do not comply with the current provisions of the current European Law on Crypto Activa Markets (Mica).