Republicans and Democrats once again failed to come to an agreement on stablecoin legislation during a scheduled hearing. The House Financial Services Committee posted a 73-page bill ahead of the event, with the same text as a draft authored by then-Chair Maxine Waters and ranking member Patrick McHenry from the previous congressional session. The hearing included star witnesses central to the US stablecoin ecosystem, however, it became obvious that the two sides still have disagreements over state versus federal oversight. Even though legislation is likely still months away, there is a bipartisan desire for a federal framework. The main divisions centre on preemption, national security and whether entities issuing stablecoins will need banking charters. While the NYDFS approach to crypto regulation was praised by some legislators, Waters expressed surprise that New York had a regulatory framework for stablecoins. Fault lines also emerged over the ransomware risks posed by stablecoins as a payment method, with some expressing concerns.
Source: https://fortune.com/crypto/2023/04/19/prospects-stablecoin-legislation-dwindle-as-republicans-democrats/
