White House official says stablecoin legislation may become law by end-2022: CoinDesk

Stablecoin legislation could be passed by the federal government by the end of 2022, a White House official told CoinDesk on Thursday.A group consisting of a handful of financial regulators, a.k.a the President's Working Group on Financial Markets, linked on Thursday to talk about recent activities within the stablecoin sector, including algorithmic stablecoins like TerraUST (UST-USD), which collapsed in May after it de-pegged from the U.S. dollar amid turbulent market conditions.The President's Working Group was said to also talk about future stablecoin legislation, which would be introduced by the House Financial Services Committee, the official said, as reported by CoinDesk.The rules would address how stablecoins are used and issued, the official said, adding that regulators saw how bipartisan support would be needed.Recall the PWG urged Congress last year to enact legislation to ensure that payment stablecoins and payment stablecoin arrangements are subject to a regulatory framework. In mid-July 2021, Treasury Secretary Janet Yellen planned to call a meeting of the President's Working Group.