U.S. House Committee Publishes Draft Stablecoin Bill

The bill, available on the committee’s hearing page, represents the first major piece of crypto legislation to move in 2023, and follows two key incidents over the past year involving stablecoins: the blowup of terraUSD (UST), which was backed by a token called LUNA, and the second-largest one, USD coin (USDC), temporarily becoming unmoored from $1.