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The U.S. Congress is about to pass the Stablecoin Act

Regulation: The U.S. Congress is about to pass the Stablecoin Act

According to Politico, the U.S. Congress is on the verge of passing a bill related to stablecoins.

Maxine Waters, a member of the House of Representatives, reported that Republicans and Democrats have made significant progress in reaching a compromise on the bill.

The bill, titled the "Stablecoin Payments Clarity Act," is said to be close to approval. Months of negotiations between politicians and House Financial Services Committee Chairman Patrick McHenry have brought them to this point.

"We have made significant progress on the issue of regulating stable coins and are very close to finalising the bill "

"We have made significant progress on the issue of regulating stable coins and are very close to finalising the bill "stated Congresswoman Waters.

The main point of contention has been the regulatory treatment of digital assets. Democrats and Republicans are arguing over whether the US Federal Reserve (#Fed) should have the authority to regulate the stablecoin industry.

Waters strongly believes that the Fed should control this type of cryptocurrency asset. In addition, she argues that the Fed should set operating rules for companies involved in stackablecoin transactions.

It's worth noting that #Circle CEO Jeremy Allaire, during the World Economic Forum in Davos in January 2024, expressed his hope that a law on stackablecoins would soon be passed in the #United States.

It's worth recalling that in 2023, #Tether spent $760,000 on lobbying efforts in support of stablecoin #legislation in the United States.

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