US EditionFed's Waller says stablecoins bring benefits to US payments system
- A key U.S. House committee advanced the STABLE Act, which aims to regulate payment stablecoins and establish who can issue them.
- Concerns arise from watchdogs that interest-paying stablecoins might draw funds away from regulated banks, impacting the banking system.
- Congress members are divided on whether stablecoins should earn interest, as several lawmakers remain open to provisions allowing it.
- Democrats voiced fears about the influence of the Trump family in cryptocurrency legislation, citing potential conflicts of interest.
50 Articles
50 Articles
Fed's Waller says stablecoins bring benefits to US payments system
Federal Reserve Governor Christopher Waller said on Friday that stablecoins are a good thing for the U.S. payments system, but he doubts the financial system can support a large number of these assets. "I'll say I'm a personal, big advocate of stablecoins," Waller said at a New York Fed event. "I have b
House Financial Services Committee Debates Stablecoin Bailout
Members of the House Financial Services Committee feuded over whether or not to add an amendment banning Congress from bailing out stablecoin issuers should they become insolvent to the STABLE Act, a proposed piece of legislation to regulate the $240 billion stablecoin market, in a markup session on Wednesday. None of the three amendments raised by Democratic representatives Brad Sherman, Bill Foster, and Stephen Lynch were approved. Still, the…
House committee approves regulatory bill for stablecoin | Northwest Arkansas Democrat-Gazette
WASHINGTON -- A key U.S. House of Representatives committee advanced legislation on Wednesday establishing a regulatory framework for certain digital assets in hopes of finally setting a nationwide standard for the industry.
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