Skip to main content

US House Financial Services Committee Passes Stablecoin Legislation ‘After a Few Fireworks’

US House Financial Services Committee Passes Stablecoin Legislation 'After a Few Fireworks'

The U.S. House Financial Services Committee has passed Chairman Patrick McHenry’s Clarity for Payment Stablecoins Act with bipartisan support. McHenry said committee members, unlike the White House, understood the urgency and importance of providing clarity for payment stablecoins. Sheila Warren, the CEO of the Crypto Council for Innovation, described the bill’s passage as the “first steps toward a legislative foundation for stablecoins in the U.S.”

Landmark Legislation Close to Becoming Law

After holding negotiations for fifteen months, the U.S. House Financial Services Committee passed the Clarity for Payment Stablecoins Act on July 27 with bipartisan support. According to the committee’s chairperson, Patrick McHenry, the bill’s passage means “this landmark legislation is one step closer to becoming law.”

Confirmation of the bill’s passage came after an eventful day which at one point saw McHenry blast the White House for frustrating the committee’s hopes of reaching a bipartisan agreement. McHenry, the U.S. Representative for North Carolina, claimed committee members — unlike the White House — understood the urgency and importance of providing clarity for payment stablecoins.

“A bipartisan deal was within reach—we were closer than we’ve ever been. A few small, but nonetheless important, provisions stood between us and a deal. It was the White House’s unwillingness to compromise that has once again brought negotiations to a halt,” McHenry said.

The Republican also commended the New York Department of Financial Services superintendent Adrienne Harris for what he described as “her invaluable contributions.”

Following the bill’s passage, Sheila Warren, the CEO of the Crypto Council for Innovation, described this as the “first steps toward a legislative foundation for stablecoins in the U.S.” Warren, who acknowledged the “fireworks” which preceded the bill’s passage, said the step once again showed that the United States’ process of legislating is still difficult. However, she said the bill’s bipartisan support had proven to the world that “regulating crypto in the US is not a partisan issue.”

The CEO, like fellow crypto proponents who have been calling on the U.S. to take the lead in establishing clear rules for the industry, also highlighted how a regulatory regime can foster innovation and as well as “provide critical protections for consumers.”

What are your thoughts on this story? Let us know what you think in the comments section below.



from Bitcoin News https://ift.tt/wV8fjFl
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more