'We are Running Out of Time': U.S. House Democrat Urges Stablecoin Bill Compromise
U.S. Rep. Maxine Waters proposed a bipartisan effort with Rep. Patrick McHenry to finalize stablecoin regulation legislation by the end of the congressional session. Waters emphasized the need for strong consumer protections and federal oversight. McHenry expressed hope for agreement but acknowledged challenges in securing votes. The SEC oversight hearing featured all five commissioners, with McHenry criticizing the agency's approach to crypto regulation under Chair Gary Gensler, labeling it as "reckless." Gensler defended the SEC's stance, stating that economic factors, rather than terminology, dictate regulatory jurisdiction. Republican Commissioner Hester Peirce noted the agency's intentional ambiguity regarding crypto securities definitions. Additionally, Republican lawmakers called for the repeal of Staff Accounting Bulletin No. 121, which complicates banks' custody of crypto assets due to capital requirements.
