The legislature is getting closer to passing stablecoin-related legislation.
Representative Maxine Waters stated on February 7 that she believes there is “very, very close” agreement on stablecoin legislation during an interview with Politico Pro.
“The ranking member of the House Financial Services Committee worked for months to come to an agreement with Committee Chairman Patrick McHenry (R-N.C.) about the regulation of stablecoins, which are cryptocurrencies linked to assets like the US dollar.
US Advancing on Stable Coin Agreement
“According to the publication, her remarks during the interview are the first concrete indication that these discussions have advanced.
“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.”
Jerrymusa.com reports that a measure governing stablecoin issuers was released by the U.S. House Financial Services Committee in April of last year.
A statement on the Committee’s website claimed that federal legislation pertaining to stablecoins will lower the expenses incurred by businesses in their problem.
The authors claim that “although these tools carry a large risk, they can increase the effectiveness of electronic payments.”
The U.S. authorities perceive the necessity for legislative control in light of the cryptocurrency market’s rapid development, hazards, and prospects. They point to the failures of FTX and Terraform Labs as examples.