December 3, 2020 U.S. legislators announce STABLE Act.

Today, three members of the U.S. House of Representatives announced drafted legislation focused on regulating stablecoins and their private issuers. Among other mandates, the STABLE Act requires any private entity wishing to issue a stablecoin to first obtain a banking charter and be subject to the accompanying banking regulations. Several influential blockchain industry figures have criticized the legislation, with Circle CEO Jeremy Allaire characterizing the Act as a “huge step backwards for digital currency innovation.”