In a significant development for the cryptocurrency industry, US House Representative Maxine Waters stated that the final version of the stablecoin bill could be ready for consideration soon.
Top Democrat Maxine Waters Says Stablecoin Bill Could Be Ready for U.S. House Soon
Waters, the top Democrat on the House Financial Services Committee, expressed optimism about the progress being made toward enacting stablecoin legislation in the near future.
“We are on track to have a stablecoin bill in the short term,” Waters said, underscoring the potential for a breakthrough in ongoing efforts to regulate stablecoins.
This announcement comes after Waters previously criticized one version of the stablecoin bill, calling it “deeply problematic and bad for America.”
Emphasizing the importance of investor protection and asset support for stablecoins, Waters reiterated the need for robust regulatory measures to protect the interests of consumers and ensure the stability of the financial system.
“This is about making sure investors and people are protected. We need to make sure they have these assets to support stablecoins,” he told Bloomberg.
The possibility of advancing stablecoin legislation before the upcoming election has gained momentum, defying previous skepticism.
Recent weeks have seen increased activity in Congressional debate as input from key stakeholders such as the Federal Reserve, the Treasury Department and the White House shape the outline of the bill.
*This is not investment advice.
