As a seasoned observer of the cryptocurrency landscape and someone who has witnessed the back-and-forth debates surrounding stablecoins in Congress, I can’t help but feel a sense of optimism upon hearing Representative Maxine Waters’ latest comments on the impending stablecoin bill. The fact that she believes we are “on our way to getting a stablecoin bill in the short run” is a promising sign, especially considering her previous criticisms of earlier versions of the bill.
US House Representative Maxine Waters (D-California) has expressed optimism that the long-awaited stablecoin legislation is nearing completion. She made this comment during a recent interview with Bloomberg. In part, Waters stated, “I believe we’re very close to finalizing the stablecoin bill.”
“We are on our way to getting a stablecoin bill in the short run.”
I’ve noticed that recent advancements on the bill have emerged following Waters’ earlier critique, labeling a previous version as “problematic” and “harmful for America.” Nevertheless, upon closer inspection, it appears that some headway may have been made towards addressing those concerns.
I’ve noticed Rep. Waters expressing her concerns regarding the lengthy delay in passing the bill. According to her perspective, this hold-up has primarily been about safeguarding investors’ interests. She emphasized that it is our responsibility as legislators to guarantee that issuers possess sufficient assets to support stablecoins, ensuring their stability and reliability for users.
Stablecoin Law May Be in Effect Before Elections
Recently, Representative Maxine Waters’ latest remarks have rekindled optimism that a new law for stablecoins could be passed soon, even before the US general elections in 2022. This is because, according to Waters, everyone involved is working diligently on this issue. Notably, the Federal Reserve, the Treasury Department, and the White House have all been instrumental in advancing the bill.
I observed that at the start of this year, there was widespread skepticism about the possibility of passing a stablecoin law in 2024. But things have picked up significantly lately, with both the Senate and the House taking up the issue just a few weeks ago. This newfound momentum has brought renewed hope that such legislation may indeed become a reality.
Based on Coinspeaker’s earlier report, Waters and House Financial Services Committee Chairman McHenry (R-N.C.) held a discussion with Senate Majority Leader Schumer to advance the stablecoin bill. Insider information suggests that they aimed to push the bill forward using any available method, including linking it to the upcoming Federal Aviation Administration reauthorization deadline in May.
I’ve noticed recent proposals from Senators Cynthia Lummis and Kirsten Gillibrand regarding a new stablecoin legislation. According to their bill, algorithmic stablecoins would be outlawed altogether. Additionally, they suggest that the reserves backing the tokens issued by companies should be fully secured with adequate assets.
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2024-04-25 13:51