7 months ago
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The latest commentaries from Representative Maxine Waters have reignited hopes that a new stablecoin law could be in effect soon.
US House Representative Maxine Waters (D-California) has claimed that the finalized version of the long-awaited stablecoin bill is just around the corner. The top Democrat on the House Financial Services Committee shared the update in a recent interview with Bloomberg. Waters said in a part statement:
“We are on our way to getting a stablecoin bill in the short run.”
The latest development comes after Waters earlier called a previous version of the bill “deeply problematic and bad for America”. However, from the look of things, it may seem that reasonable progress has been made on the bill since then.
Speaking about why the bill has been tarried for so long, Rep. Waters claimed that the delay has always been about investor protection. She added that it is the duty of legislators to ensure that issuers have “those assets to back up stablecoins”.
Stablecoin Law May Be in Effect Before Elections
The latest commentaries from Representative Maxine Waters have reignited hopes that a new stablecoin law could be in effect soon. That is even before this year’s general elections in the United States. The reason is that, according to Waters, all hands are on deck to get the job done. She mentioned that the US Federal Reserve, the Treasury Department, and the White House have contributed immensely toward the bill.
It might be worth noting that at the beginning of the year, a stablecoin law was widely considered unachievable in 2024. However, efforts have now gained massive momentum since the Senate and the House got on the matter some weeks ago.
As Coinspeaker reported earlier, Waters and House Financial Services Committee Chairman Patrick McHenry (R-N.C.) recently had a meeting with Senate Majority Leader Chuck Schumer regarding this bill. According to inside sources, the meeting was aimed at getting the stablecoin bill moving by any means necessary. That is, even if it means tying it to a must-pass Federal Aviation Administration reauthorization that is due in May.
Also, US Senators Cynthia Lummis and Kirsten Gillibrand recently floated a new stablecoin bill. The bill proposes an outright ban on algorithmic stablecoins while also asking that the required tokens of issuers be fully backed by reserve assets.
