The president of the Chamber’s Financial Services Committee, French Hill, R-Arkansas, said on Tuesday March 11 that he supports the development of a federal framework for payment stables and is opposed to the creation of a digital currency from the Central Bank (CBDC).
In the remarks prepared for delivery during a Tuesday audience focused on these issues, Hill said that he was supporting two recently introduced or reintroduced bills in the Chamber: The Stable Act, which is focused on Spelle floors, and the anti-CBDC surveillance law, which prohibits an American CBDC.
The stable law, which is based on the clarity of 2023 of the clarity of payment payments of 2023 that the Committee adopted during the last congress, strengthens the operational standards of the payment stabbing issuers, clarifies the authorities for the supervision and application of the State and the BSA) and the subsistence of the Bank and the vision of the BSA) and the fight against the enements. Executive, said Hill.
“A properly regulated stable market can strengthen the domination of the US dollar, modernize our payment infrastructure and promote financial access without exceeding the government,” said Hill in his prepared remarks.
Hill said he supported the anti-CBDC law on the state of surveillance, which was reintroduced to this congress and prohibit an American CBDC, because a CBDC would remove competition and undermine the progress made by stablecoins.
“Unlike Stablecoins, which operate on a competitive market, a CBDC would concentrate financial power within the federal government, restricted the choice of consumers and would undermine the innovation that has made the financial markets in the world,” said Hill in his prepared remarks. “A CBDC would also remove competition, endanger financial privacy and weaken the role of the American banking system.”
The Senate is considering a bill on stables called the Act on Engineering which proposes a regulatory balance between the State and federal surveillance which allows small transmitters to operate under the supervision of the State while placing more important stall providers under the federal jurisdiction, among other requirements, reported Pymnts on Friday, March 7).
After the summit of the White House crypto which was held on Friday, the office of the currency controller reclassified certain cryptographic banking authorizations, confirming that crypto-actor police custody, certain Stablecoin activities and participation in independent node verification networks such as the distributed register are allowed for national banks and federal savings associations.
