Negotiations over Payment Stablecoins in the U.S. Stall
House Financial Services Chair Patrick McHenry announced that negotiations over a comprehensive framework for payment stablecoins in the U.S. have stalled due to White House opposition. McHenry praised Rep. Maxine Waters for her work on the bill but expressed disappointment in the lack of progress. Negotiators were close to a bipartisan deal after 15 months of talks, but various factors, including the FTX collapse, interrupted the process.
Key Points:
- Progress on payment stablecoins legislation in the U.S. has temporarily stalled due to White House opposition.
- House Financial Services Chair Patrick McHenry praised Rep. Maxine Waters for her efforts.
- The negotiations were closer than ever before after 15 months of talks, but external factors hindered the process.
- Rep. Waters criticized the current version of the stablecoin bill and expressed concerns about state regulators approving stablecoin issuances without Federal Reserve input.
- Banks raised similar concerns and called for a postponement of the bill, but the vote failed on party lines.
Hot Take:
The failure to reach a bipartisan deal on payment stablecoins is a setback for the crypto industry. The opposition from the White House and concerns raised by Rep. Waters and banks highlight the challenges of regulating this emerging technology. It remains to be seen how these issues will be resolved and whether a compromise can be reached in the future.
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