The US Congress Did Not Have Time To Finalize The Bill On Stablecoins Before The Holidays

A bipartisan bill to establish oversight of stablecoins will not be submitted until the August recess of the US Congress, admitted Maxine Waters, head of the House Financial Services Committee.

“While Deputy [Patrick McHenry], Treasury Secretary [Janet] Yellen and I have made significant progress towards an agreement on legislation, we unfortunately have not yet reached it, and therefore we will continue our negotiations after the August break,” the congresswoman said in a statement. during the discussion of the committee’s timetable.

McHenry confirmed that work on the act was “close” to completion.

“It is very important that we continue to move forward in this direction, with the aim of obtaining a regulatory framework that protects consumers while allowing responsible innovation,” said Waters.

According to the media, she is working with McHenry on a deal on a bill brokered by Yellen. 

The Ministry of Finance insists that the document considers the risks to client funds when crypto exchanges do not separate these assets from their own. Republican McHenry opposes the expansion of the legislation.

Less controversy between the parties causes the leading role of the Federal Reserve System (FRS) in the supervision of stablecoins.

Nothing is known about other details of the upcoming bill.