Leading Democrat Lawmaker Maxine Waters Admits Readiness for Stablecoin Bill
A leading democrat disclosed that the US is set to have a stablecoin law later this year as the lawmakers edge closer to tabling the bill. In a recent admission, Maxine Waters has distanced from the previous profiling of the stablecoin bill as profoundly problematic and unsuitable for America.
The lawmaker informed Bloomberg that the House Financial Services Committee (HFSC) is edging closer to finalizing the stablecoin bill set for tabling soon. The disclosure by Waters is a critical development that strengthens optimism that the US could get the highly sought stablecoin this year.
The California House Representative revealed that the US could welcome the stablecoin law before the November presidential elections. Its accomplishment is critical for what analysts considered a long shot at the onset of 2024.
US Edges Closer to Stablecoin Bill
Waters revealed that lawmakers were polishing the proposal, and the final version will be forthcoming. The top Democrat within the HSFC informed Bloomberg on Wednesday, April 24, that attaining the stablecoin bill is now a short-run objective.
Waters reflected on her previous condemnation of stablecoin bill proposals that she termed deeply problematic. The lawmaker explained the criticism as inspired by the need to protect investors and individuals. Waters reiterated the need to ensure issuers have proof of assets to back up the stablecoins.
Waters’ confession comes after the Congressional movement involving Senate and House members garnered pace on stablecoin legislation in recent weeks. Waters hailed the input from the Treasury Department, Federal Reserve (Fed), and the White House in crafting the stablecoin bill.
Waters joined HFSC chair Patrick McHenry in a negotiation that lasted 22 months. The Democrat and the North Carolina representative met with Senate Majority Leader Chuck Schuttempt to move the legislation. The bill is tied to the must-pass Federal Aviation Administration (FAA), whose reauthorization is due in May.
Waters’ disclosure to Bloomberg comes days after Senator Cynthia Lummis, alongside New York’s Kirsten Gillibrand, tabled a new stablecoin bill. The bill proposes prohibiting algorithmic stablecoin while compelling issuers to back the tokens issued via reserve assets.
US Lawmakers Open to Advance Stablecoin Legislation
Waters informed Bloomberg that she discussed stablecoin with the Senate Banking Committee chair Sherrod Brown. Earlier in April, Brown admitted openness to advance the stablecoin legislation.
The stablecoin legislation could likely pair with the marijuana bill. The Brown-chaired committee indicated it would advance the marijuana bill, though it faces opposition from Republican Mitch McConnell. Nonetheless, Waters expressed optimism about overcoming such resistance if it emerged.
Waters’ revelation echoes McHenry’s announcement in March that the stablecoin bill is largely finalized within the Republican-controlled House. He expressed optimism that it requires the scheduled floor vote to advance.
