House Financial Services Committee Chair Patrick T. McHenry, R-N.C., underscored the need to pass his legislation to regulate stablecoins.
“This announcement is a clear signal that stablecoins—if issued under a clear regulatory framework—hold promise as a pillar of our 21st century payments system,” McHenry said on Monday in a"We are currently at a crossroads to keep America at the forefront of digital asset innovation. Congress is making significant, bipartisan progress on legislation to ensure the U.S. leads the financial system of the future. We must finish the job," McHenry added.its launch of a U.S.
will be pegged to the dollar and “gradually” made available to PayPal’s customers in the U.S., the company said.of a stablecoin in 2021 but then reportedly faced a setback after increased regulatory scrutiny.a regulatory framework for payment stablecoins late last month, called the Clarity for Payment Stablecoins Act, which McHenry says would protect consumers via federal guardrails while fostering innovation in the U.S.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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