tl;dr
United States Representative Maxine Waters has introduced a bipartisan stablecoin bill aimed at creating a regulatory framework for stablecoins. The bill is the result of three years of negotiations between Waters and former Republican Chairman Patrick McHenry. Waters' bill emphasizes consumer prote...
Maxine Waters Publishes Competing Bipartisan Stablecoin Bill Maxine Waters Publishes Competing Bipartisan Stablecoin Bill
United States Representative Maxine Waters has introduced a bipartisan stablecoin bill aimed at creating a regulatory framework for stablecoins. The bill is the result of three years of negotiations between Waters and former Republican Chairman Patrick McHenry. Waters' bill emphasizes consumer protection, strong reserve requirements, and compliance with anti-money laundering laws.
The key point of contention between Waters' bill and the Republican-led STABLE Act is the role of the Federal Reserve in regulating stablecoins. Despite bipartisan negotiations, the likelihood of Waters' bill passing in the Republican majority House is uncertain.
The urgency to prioritize stablecoin legislation is evident, with multiple bills being introduced early in the new Congress.
United States Representative Maxine Waters (D-CA) has released draft legislation to create a regulatory framework for stablecoins. The bill is the product of three years’ worth of bipartisan negotiations during the last Congress between Waters, Ranking Member and leading Democrat of the House Financial Services Committee, and the Committee’s former Republican Chairman Patrick McHenry (R-NC).
Waters’ bill emphasizes consumer protection, strong reserve requirements, and compliance with anti-money laundering laws. It also addresses loopholes that would allow stablecoin issuers to circumvent U.S. law overseas and provides robust protections for consumer wallets.
However, the likelihood of Waters' bill passing in the Republican majority House is uncertain, given the contrasting views on the role of the Federal Reserve in regulating stablecoins.
The urgency to prioritize stablecoin legislation is evident, with multiple bills being introduced early in the new Congress.