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U.S. Representative Tom Emmer (R-MN) has voiced opposition to a new draft bill that would make stablecoin issuers more beholden to the federal government. 

The STABLE Act, introduced by Reps. Rashida Tlaib (D-MI), Stephen Lynch (D-MA) and Jesus Garcia (D-IL), would require issuers to obtain a banking charter. This means stablecoins would become a type of deposit under federal law, requiring issuers to obtain Federal Deposit Insurance Corporation (FDIC) insurance or keep reserves at the Federal Reserve. 

Emmer, who has long been an advocate for blockchain, said the bill fails to work across the aisle on innovation protection.

“Those of us supportive of developing these new innovations in the United States have worked to learn about and understand this technology, which stands to have enormous beneficial impacts on low-to-moderate income Americans, and individuals worldwide,” he said in a statement to The Block. “We’ve continuously worked to find common ground with the other side of the aisle on practical steps to achieve that goal. I wish this bill’s proponents had done the same.”

Emmer is a member of the Congressional Blockchain Caucus, a group that has pushed crypto and blockchain-based concerns forward, including urging the Trump administration to examine blockchain solutions during the COVID-19 pandemic and overhauling crypto regulation in agencies like the Internal Revenue Service.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Miners on the Ethereum network made roughly $262 million in revenue during November, an increase over October’s figures.

Of that amount, $64.1 million in revenue came in the form of transaction fees. Transaction fees on Ethereum spiked earlier this year amid a rise in DeFi-related activity and the associated costs of constructing complicated actions.

November marked the third-highest month for transaction fees in 2020 thus far, though it didn’t eclipse September’s $321.3 million. More than $170 million of the revenue made in September came in the form of transaction fees.

Read more about the major crypto data points for November in The Block Research’s by-the-numbers breakdown report.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.