ChainCatcher news, U.S. Senator Bill Hagerty, who supports cryptocurrency, has released a legislative discussion draft aimed at creating a regulatory framework for stablecoins, which is very similar to the ongoing work in the House of Representatives. Republican Hagerty stated in a press release on Thursday that his legislative draft "provides much-needed regulatory clarity." The draft is very close to the "Clarity for Payment Stablecoins Act" drafted in the House by Republican Congressman Patrick McHenry and Democrat Maxine Waters.Hagerty's draft adopts the structure of the House bill while dividing federal regulation into the Federal Reserve's oversight of banks and the Office of the Comptroller of the Currency's oversight of non-bank entities. The draft will include a provision that issuers exceeding a $10 billion threshold may receive exemptions from federal regulators and continue to be governed by their respective states. The legislative draft also includes maintaining dollar-denominated foreign exchange reserves on a one-to-one basis.

ChainCatcher news, according to RIA Novosti, the State Duma of Russia has passed a bill in the first reading that legalizes cryptocurrency mining in Russia. According to the bill, the Government of the Russian Federation will reach an agreement with the Central Bank of Russia to establish activity requirements for individuals and legal entities (including pool participants) engaged in digital currency mining. The control (supervision) of compliance with the established requirements will be carried out by the Ministry of Digital Development. The government may also prohibit mining activities in certain regions or specific territories.

ChainCatcher news, Hong Kong's Under Secretary for Financial Services and the Treasury, Chen Haolian, stated at the Legislative Council's Web3 and Virtual Assets Development Subcommittee meeting that the authorities are currently drafting the second version of the regulations for implementing a regulatory system for fiat-backed stablecoin issuers in Hong Kong, aiming to submit the draft to the Legislative Council for review by the end of this year.

According to ChainCatcher, as reported by CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) has uploaded a new draft of the Digital Commodities Consumer Protection Act (DCCPA) regarding the regulation of the crypto industry to GitHub.The draft indicates that software developers will not be classified as digital commodity brokers. Being classified as a broker comes with specific tax reporting requirements, which software developers cannot meet if they do not centrally manage their platforms. Previous bills had a broad definition of brokers, including node operators and wallet manufacturers, but this bill explicitly excludes these individuals.Additionally, the draft shows that the CFTC is required to provide a report on the size and protocols of the DeFi market within 180 days of the bill's enactment. It will also mandate the CFTC to liaise with foreign regulators to ensure that U.S. rules are aligned with international regulations. (CoinDesk)