Representative Maxine Acque (D-Calif.) said in an interview Wednesday that a stablecoin bill deal is nearly complete.
What happened: Waters, speaking to Politico on February 7, said: “We are working on the stablecoin; we are getting very close. We are very, very close, very close.
Lawmakers in the United States are said to be close to a decision on a highly anticipated bill that would regulate stablecoins. This comes after several months of discussions with the head of the House Financial Services Committee, Patrick McHenry. At the heart of these discussions is how much power the Federal Reserve should have over stablecoins, including the ability to set rules for how they are issued.
Waters added: “That’s what’s important to me: Our central bank should have oversight power and should have the ability to be in charge of this. We agreed on something with the feds and I think it’s OK.”
These discussions between Waters and the chairman of the House Financial Services Committee Patrick McHenry they lasted over 20 months, which indicates the complexity and importance of the proposed rules.
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Because matter: This push for regulation has been echoed by Janet Yellen, the U.S. Secretary of the Treasury, during a hearing on February 6. Yellen urged Congress to act quickly to address regulatory shortcomings, particularly to protect investors and strengthen the financial system against the potential risks posed by cryptocurrencies.
Yellen called for targeted legislative action to strengthen protections for cryptocurrency wallet users and to establish frameworks for oversight of stablecoin issuers, underlining the urgency of “closing these gaps.”
Price action: Bitcoin Bitcoin/USD according to Benzinga Pro, it traded at $44,515, up 3.91% in the last 24 hours.
Photo courtesy: Featureflash Photo Agency on Shutterstock.com
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