Democrats on Wednesday slammed the bill on stablecoins as not being as “bipartisan” as originally planned.
Drafted last year by Rep. Maxine Waters (D-California) and Rep. Patrick McHenry (R-R), the bill was praised by Republicans but criticized by its left-wing counterparts as “outdated.” was done.
start from scratch
The House Financial Services Committee draft version The April 15 stablecoin bill aims to “provide payment requirements for stablecoin issuers” along with “research on the digital dollar.” Stablecoins are digital assets pegged to fiat currencies such as dollars and euros that work like digital dollars that do not use banks and instead use blockchain payment guarantees.
The bill, now unnamed, was debated at length with the Treasury Department last year among Waters, McHenry, and other members of Congress. To contribute Create the first concrete legislation tailored to the majority of the crypto industry.
But Waters said when he actually read the first draft as it was completed at the committee hearing on Wednesday, he felt the bill was quite different from what was being discussed.
“I was somewhat surprised when Mr. McHenry said that a member on his side of the aisle had come up with an entirely new bill,” said Waters. It doesn’t represent a negotiation for … I think we’re starting from scratch.”
Steven Lynch (D-Massachusetts), Senior Democrat on the Digital Assets Subcommittee, questioned the very function of stablecoins, stating that stablecoins are more of a “speculative cryptocurrency exchange than actual payments.” and investment” is frequently used.
optimism
McHenry, chairman of the committee, opposed the stance, saying the bill was important “both internationally and domestically.”
Rep. French Hill (R-Ark.) also called the bill “Maxine McHenry” and found it more bipartisan than credible.
But McHenry and Waters agreed that a lot has happened since the last negotiations on the bill took place, including the collapse of FTX. agreed that swift action is needed to keep up with other countries.
The proposed bill would prohibit companies other than subsidiaries of insured depository institutions or licensed non-banking entities from issuing stablecoins.
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