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HomeLaw & PoliticsOfficial Stablecoin Bill delay past August: US Committee Chairwoman

Official Stablecoin Bill delay past August: US Committee Chairwoman

According to a statement from Rep. Maxine Waters, the negotiation has been formally postponed until after the summer legislative vacation.

According to Rep. Maxine Waters (D-Calif.), the head of the US House Financial Services Committee, the measure that would establish stablecoin laws in the United States has been formally postponed until after the August legislative recess.

Waters stated in a statement, “Although the Ranking Member [Patrick McHenry], Secretary [Janet] Yellen, and I have made great progress toward a compromise on the legislation, we are regretfully not there yet. As a result, we will continue our conversations over the August vacation.” “I look forward to reaching a consensus soon and marking up bipartisan legislation when we return,” she said.

According to people familiar with the discussions, the bipartisan effort was already delayed this week when Treasury Secretary Yellen requested that the proposal have extra safeguards for bitcoin investors. Rep. McHenry (R-N.C.), the panel’s top Republican, has also played a major role in the effort. When Congress is working on legislation, it’s not uncommon to see a measure move quickly at first, only to be unexpectedly bogged down by disagreement as it nears completion. Stablecoins are digital currencies meant to maintain consistent values by being pegged to assets such as the dollar. This U.S. initiative to develop standards for stablecoins is anticipated to be delayed until September, when the legislators return from their summer vacation.

According to the sources, the Treasury Department won’t support the legislation unless it also guarantees that the industry exchanges maintain their funds separate from the assets of the enterprises, protecting them in the event that the businesses collapse.

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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