Reuters: Sources reveal that discussion on the US stablecoin regulation bill will be delayed due to backlash from the banking industry.

Reuters reported that sources revealed the highly anticipated U.S. stablecoin regulatory bill for this year is facing delays due to pushback from the banking industry and adjustments to certain provisions. Discussions are now expected to begin only after September this year, with the drafting of content by the Financial Services Committee. Sources also indicated that despite the Treasury Department seeking changes and supporting the bill, they still aim for better consumer protection. However, this information has not been confirmed.

Reuters reported that the highly anticipated U.S. stablecoin regulatory bill this year is being delayed for discussion due to pushback from the banking industry and late adjustments to certain provisions. The discussion is now expected to start after September this year, with the Financial Services Committee drafting the content. Sources also mentioned that despite the Treasury seeking changes and supporting the bill, they aim for better consumer protection. However, this information has not been confirmed.

The draft bill focuses on regulating stablecoin issuers from a banking perspective, including capital requirements, liquidity, and supervision. It also addresses the pathways for non-bank entities to issue stablecoins under the supervision of the Federal Reserve. However, the Independent Community Bankers of America (ICBA) warned in a letter that it is currently unclear whether the Federal Reserve has the capacity to adequately supervise such companies.