House committee ranking member says a stablecoin bill could be coming soon

As someone who closely follows the developments in the world of digital assets and finance, I’m excited to hear that Representative Maxine Waters and her colleagues are making progress on passing stablecoin legislation. I understand from her recent interview with Bloomberg that she has been collaborating effectively with committee chair Patrick McHenry, as well as senators like Chuck Schumer and Sherrod Brown, to address the concerns of various entities involved in this complex issue.

Expert: Ranking member of the U.S. House Financial Services Committee, Maxine Waters, signals that legislators are making headway in drafting laws for stablecoins.

I’ve observed Representative Waters in an April 24 interview with Bloomberg expressing her productive collaboration with committee chair McHenry on legislation concerning stablecoins and bank clawbacks. In addition, she mentioned ongoing discussions with senators regarding this matter. The ranking members have indicated that just a “handful of adjustments” are required for the stablecoin bill to progress further in the House.

Representative Waters expressed the complexity of the situation, stating, “This process has been quite intricate. Numerous entities are implicated, each voicing their opinions. We’ve had to address all these concerns in order to reach a consensus. Ultimately, our goal is to safeguard investors and the general public while preventing companies from issuing stablecoins without sufficient assets backing them up.”

She added:

“We’re talking with the Senate side. We’ve met with Schumer. Talked with Sherrod Brown. We’re on our way to getting a stablecoin bill in the short run.”

Senator Brown, head of the Senate Banking Committee, expressed openness in April to approving stablecoin legislation, given that his apprehensions were addressed. Legislation for regulating stablecoins has been suggested by representatives in both the House and Senate. However, any proposed bill must secure approval from both chambers prior to being enacted into law.

In February, Representative Waters indicated that lawmakers were nearing a deal on stablecoins. However, in mid-April, Senators Kirsten Gillibrand and Cynthia Lummis presented a payment stablecoin bill they had been preparing for some time. It remains to be seen how this legislative initiative might differ from the efforts described by Representative Waters and impact Senate backing.

I’ve observed that in the sweltering summer of July 2023, members of the House Financial Services Committee endorsed the Clarity for Payment Stablecoins Act. This act paved the way for a comprehensive vote on the chamber floor. However, since then, the legislation has remained stationary.

2024-04-25 19:21

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