US President Joe Biden’s Financial Markets Working Group discussed stablecoin legislation at today’s meeting.
A stablecoin legislation is being worked on, which is scheduled to be enacted by the end of the year, according to an official.
Biden’s Financial Markets Working Group met to discuss recent stablecoin activities and future legislation.
According to the official, work is underway to pass the bill into law by the end of this year.
This legislative package, which has not yet been finalized or introduced, will define a new stablecoin while also addressing how they are used. The official stated that this legislation will also protect the existing regulatory authority over the industry.
How stablecoins were issued was another detail discussed by the attendees of the meeting.
