3 U.S Congress Representatives , Congresswoman Rashida Tlaib, Congressmen Jesús 'Chuy' García and Chairman of Task Force on Financial Technology Rep. Stephen Lynch introduces a new bill which called as STABLE Act.
Official link of bill for further read is https://tlaib.house.gov/sites/tlaib.house.gov/files/STABLEAct.pdf
According to the bill, all companies who has stable coins should have multiple licences same banking licences or they will become illegal.
USDC is the most ready-to-regulations stable coin but Tether ( USDT ) is not in same situation because of ongoing legal cases about money laundering of drug cartel, unlicenced money printing and more.
For the full official press release from Congress Rep is : https://tlaib.house.gov/media/press-releases/tlaib-garcia-and-lynch-stableact
Companies that issue stable coins will become illegal if they cannot obtain licenses in the form of banking licenses.
Exchanges such as Coinbase, bittrex, which transact with fiat usd, and the stock exchanges that trade with the closest stable coin such as USDC become advantageous, while exchanges that do transactions such as usdt, busd, etc. may have exits.
Usdt and other troubled stablecoins will be illegal if they can not get licences. The fact that such stock exchange is outside of the United States does not guarantee to immune from legal cases if they will allow "illegal" stable coins.
The veteran crypto people remember how the Russian crypto exchange btc-e took over by the American treasury, secret service, FBI jointly seized its website, its servers, and arrested its owner in Greece.
