Significant Progress Reported on Stablecoin Legislation: Maxine Waters Optimistic
Summary:
Maxine Waters, member of the House Financial Services Committee, notes significant progress on creating robust stablecoin legislation. Despite the process's complexity due to multiple stakeholders, Waters believes the stablecoin bill's approval is imminent following a few more adjustments. She notes the importance of protecting investors and the public, and preventing corporations from asserting ownership of non-existent assets. Senate negotiations are also underway to ensure a harmonized legislative regulation for stablecoins.
Maxine Waters, prominent member of the House Financial Services Committee, hinted at significant advancement in the development of stablecoin laws. In a Bloomberg interview on April 24th, Ms. Waters mentioned a fruitful collaboration with committee head, Patrick McHenry, focusing on stablecoins and financial institution clawbacks. She provided insight into the lawmaking process involving continual communication with Senate counterparts. In her view, the bill's completion only requires a few more modifications.
Ms. Waters commented on the complexity of the task, owing to the sheer number of stakeholders involved. She emphasized that the primary concern remained the protection of investors and the public, ensuring no companies claim to hold assets they do not possess under the stablecoin bill.
She indicated progress on Senate negotiations, having dialogues with Chuck Schumer and Sherrod Brown, thereby inching closer to finalizing a stablecoin law in the imminent future. Senator Brown, the Senate Banking Committee chair, expressed his potential support for the law subject to his concerns being taken into consideration.
Various regulatory frameworks for stablecoins have been proposed in both the Senate and the House. However, the successful enactment of any law requires approval from both legislative bodies.
Earlier in February, Ms. Waters had suggested an impending agreement on stablecoins. In mid-April, senators Kirsten Gillibrand and Cynthia Lummis put forward a stablecoin bill they had been promoting for several months. How this bill will align with the Senate's support system that Ms. Waters explained is still unknown.
In July 2023, the House Financial Services Committee approved the Clarity for Payment Stablecoins Act, paving the way for an eventual floor vote. Since then, progress on the law has been at a standstill.
Published At
4/25/2024 7:19:40 PM
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