This week, the U.K. government introduced the Financial Services and Markets Bill, which would amend banking regulations to include stablecoins as a new payment method. The bill will also pave the way for the Treasury to issue new crypto rules. In the U.S., lawmakers are also pushing for new stablecoin regulation that could come as early as next week. The Consumer Financial Protection Bureau (CFPB) may be considering new requirements for banks to reimburse victims of scams and fraud. Additionally, the bureau extended the deadline for comments in the credit card late fee rulemaking consultation to receive more data.
Crypto
Lawmaker: Stablecoin Bill Could Bypass Regulators
A member of the House Financial Services Committee said lawmakers could overrule U.S. regulators who want stablecoins to be governed solely by banks. As Coindesk reported Monday (July 18), Democrats on the committee have been working on rules for stablecoins that might be as stringent as the Treasury Department and financial regulators had hoped.
The bill could create a path for nonbank firms to become government-approved stablecoin issuers, Rep. Jim Himes, D-Conn., a senior member of the committee and one of its subcommittee chairmen but who isn’t working directly on the legislation, told Coindesk.
Treasury Department: Banks’ CBDC Fears Are Overblown
Banks’ fears that a digital dollar would cost them depositors — and even make financial crises more severe — are overblown, according to a new…
