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Rep. Maxine Waters says that the FSC is working to protect stablecoin users and crypto investors
Representative Maxine Waters, the top Democrat on the Financial Services Committee, has expressed optimism about reaching a deal on stablecoin regulation in the near future, following extensive discussions with key stakeholders in Congress and various government agencies.
In an interview on Bloomberg Television’s “Balance of Power,” Waters stated that she and Committee Chairman Patrick McHenry, a North Carolina Republican, are close to finalizing a stablecoin bill after 22 months of negotiations. She emphasized the importance of protecting investors and ensuring that stablecoin issuers have sufficient assets to back their digital tokens.
Waters highlighted the collaborative effort behind the legislation, mentioning conversations with Senate Majority Leader Chuck Schumer, Senate Banking Chairman Sherrod Brown, and input from the Federal Reserve, Treasury Department, and the White House.
“It’s about making sure investors and that the people are protected. We have to ensure that they have those assets to back up stablecoins,” Rep. Waters claimed.
The potential federal regulation of stablecoins could lend legitimacy to the asset class, potentially leading to broader adoption and increased investor confidence.
In addition to stablecoin regulation, Waters expressed her support for a marijuana banking bill that has recently advanced through the Senate Banking Committee. Despite the legalization of marijuana in many parts of the country, federal restrictions have largely prevented the cannabis industry from accessing traditional banking services, forcing businesses to operate primarily with cash. This also precludes the possibility that stablecoin regulation could help with the issues faced by this sector, although Rep. Waters did not specify or delineate the relationship between the two and why they are being bundled together.
Waters stressed the importance of passing the marijuana banking legislation, stating, that “now is the time” for such developments to be be implemented. She says she hopes that the Senate could overcome potential opposition from Republican Leader Mitch McConnell.
Senate Banking Chairman Sherrod Brown has signaled his willingness to consider a package that combines stablecoin legislation with the marijuana banking bill and a bill to claw back the compensation of executives at failed lenders. Lawmakers are contemplating attaching this package to the Federal Aviation Administration reauthorization, which is due next month and considered a must-pass legislation.
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