A year on, the rules aren’t quite ready for implementation, but we have a much clearer idea as to how the regulators are thinking about stablecoins and where they’re likely to land on those rules.

In an emailed statement, Crypto Council for Innovation CEO Ji Hun Kim called the passage of the bill “a landmark moment.”

“A year in, agencies, institutions, and innovators are building on a clearer foundation, and stablecoins are moving rapidly toward mainstream adoption,” he said.

The various regulators have proposed rules out for comment on the different aspects of stablecoin governance and regulation, including a proposal that would require stablecoin issuers to conduct similar know-your-customer checks to more traditional financial firms….