"As part of the UK’s rapid overhaul of its digital assets regulatory regime, the Bank of England this week issued a consultation paper on the bank’s 'Proposed regulatory regime for sterling-denominated systemic stablecoins.'"

“Companies issuing stablecoins would have to deal with the Federal Reserve as the chief oversight agency, according to the current version of a bill being developed in the U.S. House of Representatives, say people familiar with the talks. While the industry is desperate for rules and supervision to settle the uncertainties that keep most investors on the sidelines, stablecoin firms would be policed by an agency that devotes much of its time trying to keep Wall Street banks on a short leash. This change would be novel for the Fed and for the nonbank crypto businesses that have never had a federal supervisor. Lawmakers in the House Financial Services Committee have found common ground on a bipartisan effort to establish stablecoin oversight in the U.S. It could mark a first step toward crypto regulation, though a few points remain to be hashed out. As it stands, naming the Fed as the government’s watchdog for stablecoin issuers is in the bill, said two people who asked not to be named because the legislation hasn’t yet been released. The details are still fluid, though, so the Fed’s role could shift.”