Maxine Waters: U.S. Lawmakers Nearing Agreement on Stablecoin Legislation
Rep. Maxine Waters revealed that U.S. lawmakers are making progress towards reaching an agreement on stablecoin legislation. In an interview with Politico Pro, Waters stated that negotiators are very close to finalizing the legislation.
Waters, who is the House Financial Services ranking member, has been working to find common ground with Committee Chairman Patrick McHenry on how to regulate stablecoins. The interview marks the first sign of progress in these discussions.
“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.”
Maxine Waters, member of the House of Representatives
Last year, the U.S. House Financial Services Committee introduced a bill to regulate stablecoin issuers. The committee believes that federal-level regulation will reduce costs for companies involved in issuing stablecoins. While these digital assets can improve electronic payment efficiency, they also come with significant risks.
In light of the rapid growth of the cryptocurrency market and recent incidents like the Terraform Labs and FTX collapses, U.S. authorities recognize the need for legislative regulation.
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