On February 15, Representative Warren Davidson (R-OH) announced he will be introducing the “Keep Your Coins Act,” which is intended “[t]o prohibit Federal agencies from restricting the.
Representative Josh Gottheimer proposed labeling stablecoins issued by insured depository institutions or certain nonbank issuers as “qualified” and insured by a fund issued by the Federal Deposit Insurance Corporation.
The draft legislation authored by Rep. Josh Gottheimer, D-N.J., would allow "qualified" nonbanks to issue stablecoins and create an insurance fund to offset losses.