A new draft proposal to regulate stablecoins has been introduced by Representative Maxine Waters, marking a significant move in U.S. cryptocurrency legislation. The proposal aims to involve the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Comptroller of the Currency in the oversight of stablecoin issuers. This initiative comes ahead of a hearing by the digital asset subcommittee and follows the introduction of the STABLE Act by Representatives French Hill and Bryan Steil. The legislation is expected to enforce stricter controls on issuers and mandate that they maintain adequate reserves. Additionally, it seeks to prevent major technology companies from entering the stablecoin market, indicating a shift towards tighter regulation in the cryptocurrency sector.