US lawmakers get ‘very, very close’ to agreement on stablecoin bill

Rep. Maxine Waters said U.S. lawmakers are inching closer to reaching an agreement on stablecoin legislation.

In an interview with Politico Pro, Waters said on Feb. 7 that negotiators are “very, very close” to reaching an agreement on stablecoin legislation.

The House Financial Services ranking member spent months trying to reach a compromise with Committee Chairman Patrick McHenry (R-N.C.) on how to regulate stablecoins, cryptocurrencies pegged to assets such as the U.S. dollar. Her comments in the interview are the first real sign that these conversations have moved forward, the publication notes.

“That’s what’s important to me: Our central bank should have the power of oversight and the ability to be at the head of this.”

Maxine Waters, member of the House of Representatives

Last April, the U.S. House Financial Services Committee released a bill regulating stablecoin issuers. A note on the Committee’s website stated that adopting a law on stablecoins at the federal level will reduce companies’ costs involved in their issue. According to the authors, these tools can improve the efficiency of electronic payments but are associated with significant risks.

Considering the rapid development of the cryptocurrency market, its risks, and opportunities, the U.S. authorities see the need for legislative regulation citing the collapse of Terraform Labs and FTX.