A year later, the rules aren’t quite ready for implementation, but we have a clear idea of how regulators are thinking about stablecoins and what they’re likely to implement on those rules.
In an email statement, Crypto Council for Innovation CEO Ji Hun Kim called the bill’s passage “a historic moment.”
“A year in, agencies, institutions and innovators are building on a clear foundation, and stablecoins are rapidly moving towards mainstream adoption,” he said.
Various regulators have proposed rules for comment on various aspects of stablecoin governance and regulation, including a proposal that would require stablecoin issuers to perform know-your-customer checks similar to more traditional financial firms. The FDIC published 144 questions a few months ago on how it will oversee stablecoin issuers, looking at concerns such as custody, capital, and liquidity standards. The OCC, for its part, put forward its own proposal in February explaining how it is interpreting the law.
There are still a few months left for these rules to be finalized. And in the meantime, the industry is still working on passing the Digital Asset Market Clarity Act.
The text of the Joint Clarity Act draft is not yet public, at least as of Friday night. While industry sources expected the bill to be released last week, the timeline has been in constant flux. On Thursday, Senators Cynthia Loomis and Bernie Moreno were to brief Trump on the bill. No public details were available after that meeting, but both lawmakers tweeted about Trump’s comments on the election on Thursday.