đđđ Maxine Waters: Lawmakers âvery closeâ to a #stablecoin deal: Report
United States lawmakers are reportedly on the brink of passing a long-awaited stablecoin bill following months of negotiations, particularly with House Financial Services Committee Chair Patrick McHenry.
Representative Maxine Waters revealed to Politico on Feb. 7 that progress is being made on the stablecoin legislation, stating, "Weâre working on stablecoin; weâre getting very close. Weâre very, very close â very close."
The bill has been a focal point of discussions between Democrats and Republicans, with much deliberation on how the Federal Reserve would regulate the stablecoin market and establish rules for stablecoin issuance.
Waters emphasized the importance of central bank oversight, stating, "That's what's important to me: Our central bank should have the power of oversight, and should have the ability to be at the head of this."
Waters has been engaged in negotiations with House Financial Services Committee Chair Patrick McHenry for over 20 months.
Circle CEO Jeremy Allaire expressed optimism about the prospect of the U.S. passing stablecoin regulations in 2024, noting the global trend of other governments regulating digital currencies backed by the dollar.
The Clarity for Payment Stablecoins Act, sponsored by McHenry, stands as one of the significant stablecoin bills introduced in Congress.
Waters' remarks come after a Feb. 6 hearing led by Janet Yellen, U.S. Secretary of the Treasury, who stressed the urgent need for Congress to enact #cryptocurrency regulations to safeguard investors and the financial system. Yellen emphasized the critical role of regulation in protecting cryptocurrency wallet holders and overseeing stablecoin issuers.
Source - cointelegraph.com