New bill purposes Federal Reserve to issue Stable Coin

A new bill is issued for the U.S treasury. This bill proposes many ideas over stablecoins coins & crypto assets. Bill also proposes either a ban or legal permit to stable coins.

United States House Democrat Don Beyer of Virginia introduced a new bill regarding the Regulation framework on crypto market and CBDC.

The name of the bill is ” The Digital Asset Market Structure and Investor Protection Act of 2021″. 

This bill is aimed at the Federal Reserve to take suitable action on stable coins. According to this bill, the Federal Reserve should ban all types of the fiat based stablecoins or alternatively they should give full permit to operate in the crypto market under regulatory framework. 

And also Don Beyer also suggested through the bill that if U.S treasure is going to ban stablecoin based all assets then they should issue a Digital dollar which will be authorized fully by the authorities of U.S so that they can centralised the use of Digital Dollar. Probably this was a suggestion to introduce a central bank Digital Currency in the current financial system & crypto market, so that they can control the crypto market in more perfection.

This bill also proposes to the SEC and CFTC to take action on crypto assets to make them more regulated assets. Bill suggests SEC & CFTC to provide legal clarity regarding the regulatory status to the top 90% of virtual currencies of the crypto market.

Bill seeks to make & define a particular regulatory guidelines for all virtual Cryptocurrencies under the Bank Secrecy Act, so that they can strengthen transparency, reporting and anti-money laundering enforcement.

Read also: Investigation against Binance regarding Money laundering by Indian Authorities