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PayPal’s stablecoin meets resistance from Democrat Waters

paypals-stablecoin-meets-resistance-from-democrat-waters
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PayPal’s stablecoin meets resistance from Democrat Waters

Democratic congresswoman Maxine Waters has expressed her concerns over PayPal’s launch of its dollar-pegged stablecoin, PYUSD.

In a written statement on Aug. 9, Waters urged for comprehensible regulation. She opined that laws should precede every major crypto move.

“I am deeply concerned that PayPal has chosen to launch its own stablecoin while there is still no Federal framework for regulation <…> Given PayPal’s size and reach, Federal oversight and enforcement of its stablecoin operations is essential.”

Maxine Waters, democratic congresswoman

PayPal, a major player in the payments industry, introduced its PYUSD stablecoin on Aug. 7. The digital token, issued on the Ethereum blockchain by Paxos, is poised to compete with established stablecoins like Tether (USDT) and Circle (USDC) within the $125-billion market.

Stablecoins are cryptocurrencies designed to maintain a value pegged to a traditional sovereign currency, such as the US dollar, often backed by assets like US Treasuries.

Waters, a prominent figure as the leading Democrat on the House Financial Service Committee, underlined the significance of Federal oversight given PayPal’s massive global user base of over 435 million customers. This number exceeds the combined online accounts of the largest banks worldwide.

The House committee recently greenlit legislation to establish guidelines for US stablecoins. However, Waters criticized the Republican-sponsored bill for lacking federal oversight, mainly excluding the Federal Reserve from regulation.

“Moreover, the Republican bill undermines the Fed’s role as our central bank, making it harder to protect the economy against inflation or support maximum employment if stablecoins are broadly adopted.”

Maxine Waters, democratic congresswoman

In contrast, Rep. Patrick McHenry, the House Financial Services Committee chair, expressed his support for PayPal’s stablecoin.

In his statement on Aug. 7, McHenry acknowledged the potential of stablecoins as a key component of the future payment system, provided they are issued under a clear regulatory framework.