The US Congress has proposed to deprive the Securities and Exchange Commission (SEC) of the right to regulate stablecoins based on payment systems. The proposal was put forward by Republicans who believe that the SEC is exceeding its authority by trying to control the cryptocurrency industry.
Stablecoins are cryptocurrencies pegged to stable assets, such as US dollars, in order to reduce fluctuations in their value. The SEC considers them to be securities and requires their issuers to comply with financial laws.
If this proposal is adopted, payment system-based stablecoins will no longer be subject to SEC regulation, which may open up new opportunities for their development and use. However, this may also lead to increased risks for investors and a lower level of protection of their interests.