The US Congress is close to passing a law on stablecoins, Politico reports, citing member of the House of Representatives Maxine Waters. The politician believes that Republicans and Democrats managed to find a compromise regarding the bill.
Bipartisan representatives are reportedly close to passing the Stablecoin Payments Clarity Bill.
Politicians had to negotiate for several months among themselves and with the chairman of the House Financial Services Committee, Patrick McHenry.
“We're working on stablecoins and we're very, very close to that [bill],” Congresswoman Waters said.
It is alleged that the main “stumbling block” was the issue of control of digital assets. Democrats and Republicans have debated whether the US Federal Reserve (Fed) should have the authority to regulate the stablecoin sector.
Waters believes that the agency should control this type of crypto assets. The House member also believes that the Fed has the right to develop rules for companies associated with stablecoins.
It's worth noting that in January 2024, Circle CEO Jeremy Allaire said he expected stablecoin laws to be passed soon in the US. The entrepreneur expressed this opinion at the World Economic Forum in Davos.
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