A year on, the rules aren’t quite ready for implementation, but we have a much clearer idea of how regulators think about stablecoins and where they’re likely to land on those rules.
In an emailed statement, Crypto Council for Innovation CEO Ji Hun Kim called the passage of the bill “a watershed moment.”
“One year on, agencies, institutions and innovators are building on a clearer foundation, and stablecoins are moving rapidly toward mainstream adoption,” he said.
The various regulators have proposed rules out for comment on the various aspects of stablecoin governance and regulation, including a proposal that would require stablecoin issuers to perform similar know-your-customer checks to more traditional financial firms. The FDIC published 144 questions a few months ago about how it would oversee stablecoin issuers, looking at concerns such as custody, capital and liquidity standards. The OCC, for its part, issued its own proposal in February, outlining how it interpreted the law.
There are still a few months to go before these rules begin to be finalized. And in the meantime, the industry is still working to get the Digital Asset Market Clarity Act passed.
The text of the combined drafts of the Clarity Act is not yet public, at least as of Friday evening. While industry sources expected the bill to be released last week, the timeline has been constantly evolving. On Thursday, Senators Cynthia Lummis and Bernie Moreno were to brief Trump on the bill. No public reading of the meeting was available after, but both lawmakers tweeted about Trump’s remarks about the election later Thursday.
