US Congress begins stablecoin legislation process, could pass next month

The U.S. Congress is moving ahead with the legislative process for stablecoins. According to foreign media, the U.S. House of Representatives released the full text of the Stablecoin Regulation Act on the 26th (local time).
The bill's main goal is to clarify the responsibility of cryptocurrency issuers. U.S. Senator Kirsten Gillibrand said at a summit in Washington, DC, on the same day that "Congress is on the verge of a fourth wave of sanctions."
"We may pass a stablecoin bill before the Easter recess in September," he said. In addition, Senator Gilliband said, "Because stablecoin issuers are not 'banks,' they are not federal depository institutions.
"They should not be protected by the Korea National Insurance Corporation," he said. He also stressed that they should not be given loans or interest on deposits.