Stablecoin Bill Could be Ready for the U.S. House Soon Says Top Democrat Maxine Waters: Bloomberg
Summary
U.S. House Representative Maxine Waters anticipates the stablecoin bill's final version soon, aiming to protect investors and ensure stablecoin assets are backed. Congressional movement on stablecoin legislation has accelerated, with input from the Federal Reserve, Treasury Department, and White House. Senators Lummis and Gillibrand introduced a bill proposing a ban on algorithmic stablecoins and full reserve asset backing. Waters is hopeful of overcoming potential opposition to the legislation and suggests pairing it with a marijuana banking bill. House Financial Services Committee Chairman Patrick McHenry indicated that the stablecoin bill is largely worked out in the Republican-controlled House and needs a scheduled floor vote.
