Patrick

Rep. Maxine Waters said U.S. lawmakers are inching closer to reaching an agreement on stablecoin legislation.
In an interview with <a href="https://subscriber.politicopro.com/article/2024/02/waters-lawmakers-very-very-close-on-stablecoin-deal-00140240" target="_blank" rel="noopener noreferrer nofollow">Politico Pro</a>, Waters said on Feb. 7 that negotiators are “very, very close” to reaching an agreement on stablecoin legislation.
The House Financial Services ranking member spent months trying to reach a compromise with Committee Chairman Patrick McHenry (R-N.C.) on how to regulate stablecoins, cryptocurrencies pegged to assets such as the U.S. dollar. Her comments in the interview are the first real sign that these conversations have moved forward, the publication notes.
<blockquote class="wp-block-quote">
 “That’s what’s important to me: Our central bank should have the power of oversight and the ability to be at the head of this.” <cite>Maxine Waters, member of the House of Representatives</cite>
</blockquote>
Last April, the U.S. House Financial Services Committee <a href="https://crypto.news/us-draft-bill-on-stablecoins-places-issuers-like-tether-under-the-federal-reserve-oversight/" target="_blank" rel="noopener noreferrer nofollow">released</a>&nbsp;a bill regulating <a href="https://crypto.news/tag/stablecoin/" target="_blank" rel="noopener noreferrer nofollow">stablecoin</a> issuers. A note on the Committee’s website stated that adopting a law on stablecoins at the federal level will reduce companies’ costs involved in their issue. According to the authors, these tools can improve the efficiency of electronic payments but are associated with significant risks.
Considering the rapid development of the cryptocurrency market, its risks, and opportunities, the U.S. authorities <a href="https://crypto.news/us-congressman-pushes-bill-to-shield-privacy-in-cbdcs/" target="_blank" rel="noopener noreferrer nofollow">see</a> the need for legislative regulation citing the collapse of <a href="https://crypto.news/tag/Terraform-labs/" target="_blank" rel="noopener noreferrer nofollow">Terraform Labs</a> and <a href="https://crypto.news/ftx-saga-what-happened-to-ftx/" target="_blank" rel="noopener noreferrer nofollow">FTX</a>.
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US lawmakers get ‘very, very close’ to agreement on stablecoin bill

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