Crypto Stablecoin bill has ‘outside chance’ of finalizing this year

2 min


Stablecoin Bill Has'Outside Chance' Of Finalizing This Year

There is a small chance the United States could pass the bill to regulate crypto stablecoins by year-end, though it’s more likely it will pass in the 1st quarter of 2023, reveal United States Congressman Warren Davidson. 

According to a Thursday report from Kitco, Davidson made the remarks at the Annual Fintech Policy Forum on Sept. 22, where he suggested:

“There’s an outside chance we find a way to get to on a crypto stablecoin bill .”

The “ crypto stablecoin bill” seemingly refers to draft legislation aimed at “endogenously collateralized stablecoins” which came to light this coming week — and would place a two-year ban on new stablecoins such as TerraUSD Classic (USTC).

Nonetheless, Davidson went on to say that while “there’s an opportunity we get to yes on crypto stablecoins this year,” it’s something that can be achieved by the 1st quarter of 2023.

“If we don’t, it’s something that I think we can get to with a Republican majority in Q1 year,” he stated.

READ  Telos Brings The First Crypto Hackathon To An Ivy League Campus

Davidson is widely seen as crypto-friendly and has previously introduced the “Keep Your Coins” bill which aimed to protect self-custodied cryptocurrency from United States government control.

A number of bills aimed at regulating crypto stablecoins have been introduced in the United States, such as the one that was introduced on Feb. 15 this year by United States Rep. Josh Gottheimer.

The of the (CFPB), Rohit Chopra, likewise reportedly spoke at the event and believes that crypto stablecoins have the potential for widespread adoption, noting:

A crypto stablecoin, riding the rails of a dominant payments system or a OS, I think that could create ubiquity very quickly.

Chopra added that if crypto stablecoins do see this kind of rapid adoption, they could have a serious impact on financial stability.

Related:

The CFPB director likewise suggested that Washington may be neglecting other areas of fintech development its intense focus on crypto in recent months.

READ  Orbs TWAP Protocol Tackles Liquidity and Volatility Challenges

The forum was attended by financial giants such as Bank of America, Visa and Mastercard and reportedly aimed at fostering discussion in the middle of executives and policymakers as to how they can work together to secure developing help businesses, consumers and the economy.

The current draft bill for crypto stablecoins is being negotiated in the middle of Chair Maxine Water and the committee’s top Republican, Rep. Patrick McHenry.

Continue reading on Cointelegraph.com


Disclaimer: This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.

READ  🚨 FED Will Crush Crypto & Stocks! | Here’s My Plan... ⚠️


Like it? Share with your friends!

15 shares
Share via
Share via
Send this to a friend