Chamber of Financial Services Committee President French hillR-Arkansas, said Tuesday, March 11, that it will support the development of a federal framework for payment floors and is opposed to the creation of a digital currency of the Central Bank (CBDC).
In Remarks Prepared for delivery during a Tuesday hearing focused on these issues, Hill said that he had two invoices recently introduced or reintroduced into the house: the Stable actwhich is focused on stablecoins, and Anti-CBDC monitoring lawwhich 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 framework, 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 Genius This proposes a regulatory balance between the surveillance of states and federals which allows small issuers to operate under the supervision of the State while placing suppliers of stable more important under the federal jurisdiction, among other requirements, Pymnts reported on Friday, March 7.
After the top of the White House crypto held on Friday, the Currency controller office Reclarified certain cryptographic banking authorizations, confirming that the custody of cryptocurrencies, certain Stablecoin activities and participation in independent nodes verification networks such as the large distributed book are authorized to national banks and federal savings associations, Pymnts reported.
