Long-awaited stablecoin bill has passed first major stress test in House
According to updates from media personality Eleanor Terrett, the bill was passed after about 11 hours of markup, and it sailed through with 34-19 votes, a figure that has placed it as the second most important crypto legislative bill assented to by the ranking members of the House this week.
🚨NEW: After 13 hours of markup, the Clarity for Payments Stablecoin bill has passed the @FinancialCmte with a 34-19 vote, making it the second major piece of #crypto legislation to pass the Committee this week. https://t.co/OlsTUH1O5f— Eleanor Terrett (@EleanorTerrett) July 28, 2023
The bill was designed in response to Democrats' concerns that stablecoin issuers may choose to evade federal oversight by opting in to be regulated by the states. The bill now recognizes the power of both authorities while giving clarity to issuers and potential users of these stablecoins in America.
General crypto regulation outlook in America
There is still a great deal of uproar in the broader digital currency ecosystem as concerns the regulation of cryptocurrencies. Industry stakeholders, including some pro-crypto lawmakers, have accused the Securities and Exchange Commission (SEC) of instituting regulation by enforcement tactics.