Benzinga - Rep. Maxine Waters (D-Calif.) said in an interview on Wednesday that a deal on the stablecoin bill is nearly complete.
What Happened: Waters, speaking with Politico on Feb. 7, said, “We're working on stablecoin; we're getting very close. We're very, very close — very close.”
Lawmakers in the United States are said to be nearing a decision on a much-anticipated bill that would regulate stablecoins. This comes after several months of discussions with the head of the House Financial Services Committee, Patrick McHenry. At the heart of these discussions is how much power the Federal Reserve should have over stablecoins, including the ability to make rules about how they are issued.
Waters added, “That’s what’s important to me: Our central bank should have the power of oversight, and should have the ability to be at the head of this. We worked something out with the feds, and I think it’s OK."
These discussions between Waters and House Financial Services Committee Chair Patrick McHenry have spanned over 20 months, indicating the complexity and importance of the proposed rules.
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Why It Matters: This push for regulation has been echoed by Janet Yellen, the U.S. Secretary of the Treasury, during a hearing on February 6. Yellen urged Congress to act swiftly to address regulatory shortcomings, particularly to shield investors and fortify the financial system against potential risks posed by cryptocurrencies.
Yellen has called for targeted legislative action to bolster protection for users of cryptocurrency wallets and to establish frameworks for overseeing stablecoin issuers, emphasizing the urgency of “filling those gaps.”
Price Action: Bitcoin (CRYPTO: BTC) was trading at $44,515, up 3.91% in the last 24 hours, according to Benzinga Pro.
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