The US House Financial Services Committee held its first hearing of 2023 on a bipartisan bill to regulate stablecoin issuers.
The document was criticized for outdated data in the preparation process and insisted on updating the information for the next meeting for further discussion.
“This is important for us at the international and national levels. It is important that we have a bipartisan understanding of the utility and importance of this legislation,” said Committee Chairman Patrick McHenry.
He co-authored the document along with colleague Maxine Waters. In October 2022, McHenry warned of a "tough debate" regarding the stablecoin bill.
“The United States is the only major jurisdiction in the world that does not have a federal payment statute. We need to level the playing field between the United States and the rest of the world. Banks and other institutions in the US need regulated ways to issue stablecoins,” said Circle Chief Strategy Officer Dante Disparte.
Also present at the congressional hearing was the head of the Blockchain Association's digital asset promotion department, Jake Czerwinski.
“Our financial system has a problem: it is stuck in an analog age, limited by intermediaries and gatekeepers, and an outdated infrastructure that has not kept up with the digital age,” he wrote an hour before the start.