U.S. House Stablecoin Bill Delayed Until September

The U.S. House stablecoin bill will be delayed until September. The bill aims to establish a U.S. oversight regime for stablecoins and would set a path for nonbank firms to be able to issue stablecoins. It is reported that the bill will ban commercial companies from becoming stablecoin issuers. In addition, a person familiar with the matter said an administration push for further investor protections caused the latest rift in the talks over the weekend. The Treasury Department and Democrats added a request that the bill include safeguards for customers' wallets, specifically that their money be walled off from the assets of crypto platforms hosting the wallets.