The Federal Reserve appears unlikely to play a prominent role in the future oversight of stablecoins as Democrats increasingly drift toward an alternative approach.
The House and Senate Republican approaches to stablecoins — with bills from Sen. Bill Hagerty
(R-Tenn.) and Reps. French Hill (R-Ark.) and Bryan Steil (R-Wis.) — are largely in sync.
Democrats on the House Financial Services Committee are a different story.
