CandleFocus

'We are Running Out of Time': U.S. House Democrat Urges Stablecoin Bill Compromise

Author: Content Editor
During a Securities and Exchange Commission (SEC) oversight hearing, U.S. Rep. Maxine Waters, a Democrat on the House Financial Services Committee, proposed that a compromise bill on stablecoin regulation should be completed this year. Waters suggested that a "grand bargain" should be struck between Democrats and Republicans to prioritize consumer protection and federal oversight. However, the bipartisan effort to regulate stablecoin issuers has not yet been finalized, and with the congressional session coming to an end, time is running out. The hearing also saw Republican members criticize the SEC and Chair Gary Gensler for their approach to crypto oversight, particularly their reliance on enforcement actions. Republicans argued that the agency's actions have caused a lack of clarity and called for more consistent regulation.

Related News