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 <p class="is-style-lead">Representative Patrick McHenry, the US House Financial Services Committee chair, endorsed PayPal’s <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>, PYUSD, as a key pillar for modern payments.</p> 
 <p>The endorsement was given on Aug. 7, shortly after PayPal announced the stablecoin launch in partnership with Paxos.</p> 
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    <p lang="en" dir="ltr">#NEW: Chairman @PatrickMcHenry releases a statement following the announcement of PayPal's payment <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> <a rel="noopener noreferrer nofollow" title="launch" href="https://thebittimes.com/tag/launch.html">launch</a>.<br><br> Read more https://t.co/LOF9ayUNnG pic.twitter.com/sRfSfLYbXQ</p>— Financial Services GOP (@FinancialCmte) August 7, 2023 
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 <p>In his statement, McHenry emphasized that PayPal’s <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>, issued under a clear regulatory framework, holds significant potential for the US financial ecosystem. This comes amid the Financial Services Committee’s effort to enact the Clarity for Payment Stablecoins Act, a bipartisan bill passed by the committee on July 27 but still awaiting enactment.</p> 
 <p>The Clarity for Payment Stablecoins Act aims to recognize state-level regulation of crypto companies and build on existing state regulatory structures.</p> 
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 <p>McHenry praised the crypto regulation approach by New York and stressed the importance of clear regulations and robust consumer protections for stablecoins to reach their maximum potential.</p> 
 <p>The endorsement holds substantial significance, considering the influential role of the House Financial Services Committee as a gatekeeper for financial legislation in the US Congress.</p> 
 <p>The latest move also comes in the context of earlier regulatory challenges faced by PayPal, with Bloomberg reporting in February that the company had paused work on its <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> project due to scrutiny from New York regulators.</p> 
 <p>Highlighting the US position “at a crossroads” in determining its leadership in digital assets, McHenry urged Congress to move forward with comprehensive regulation in the cryptocurrency space.</p> 
 <p>The approval from such a prominent government figure marks a vital step towards the acceptance of stablecoins and sets the stage for future legislative actions in the cryptocurrency arena.</p> 
 <p>While the committee does not have direct authority to approve the stablecoin, its endorsement carries significant weight and could influence the outcome of a full House vote on related matters.</p> 
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US official calls for stablecoin law amid PayPal’s PYUSD launch

TheBitTimes

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