Senator Bill Hagerty (R-TN) unveiled a draft bill to establish a regulatory framework for stablecoin issuers, drawing heavily on Chairman McHenry's Clarity for Payment Stablecoins Act. Similar to Chair Patrick McHenry's bill, Senator Hagerty's bill would establish reserve, disclosure, and redemption requirements for issuers, create pathways for bank and nonbank issuers, and delineate supervisory and enforcement roles for federal and state regulators. Meanwhile, Crypto.com is asking a federal district court in Texas to set aside the SEC's “de facto rule” that treats virtually all digital assets sales as securities, and declare the platform is not acting as an unregistered securities broker-dealer or clearing agency.
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