The U.S. House Financial Services Committee will hold a hearing on April 19 to discuss a draft bill that seeks to regulate stablecoins, a type of digital currency designed to maintain price stability by being pegged to the value of another asset. The proposed bill would require stablecoin issuers to maintain reserves backing their stablecoins on an at least one-to-one basis and put the Federal Reserve Board in charge of non-bank issuers. The proposed legislation also seeks to impose a two-year moratorium on "endogenously collateralized stablecoins" that are not in existence at the time of the enactment of the bill. The bill comes after the crypto market experienced major stablecoin "de-pegging" events, including the Terra-Luna collapse and USDC losing its peg to the U.S. dollar after regulators took over the failed Silicon Valley Bank. (forkast)