Leading Democrat Maxine Waters and Republican Patrick McHenry, chairman of the House Financial Services Committee, are working on legislation that would create a regulatory framework for stable coins beginning in 2022.
In a hearing before the House Financial Services Committee on Tuesday, Waters said she believes lawmakers will be able to come to an agreement.
Maxine Waters, the top Democrat on the House Financial Services Committee, said she wants to "strike a grand bargain on stable coins" by the end of the year, a move that could end a two-year debate in Washington over passing a stable coin bill. Waters and Republican Patrick McHenry, who chairs the committee, are working on a bill that would create a regulatory framework for stable coins beginning in 2022. That bill was introduced last year by the Republican-led committee but failed to gain support. At the time, Waters called the bill "deeply problematic" because of a provision that would allow state regulators to approve the #issuance of stable coins without Federal Reserve involvement.
Mr. Waters said at a House Financial Services Committee hearing Tuesday that he believes lawmakers will be able to agree on legislation that provides
'strong consumer protections and
I hope that by the end of this year we will have a major piece of legislation that expires, including on stable coins, and we've been trying for hours to reach an agreement since 2022, and we've made concessions every time.
said Waters.
'Some way to create a stable coin,'
But, as in other countries, the Federal Reserve will
'play a dominant role. ' For stablecoin to be 'truly stable,' it needs to be backed by reliable reserves, such as short-term Treasury bills, Waters added. Start your day with the most influential events and analysis happening in the digital asset ecosystem.
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