NewsletterBreaking: Republican Leaders Announce No Deal On Stablecoins In US Congress
Crypto News: U.S. Congressman Patrick McHenry on Thursday expressed disappointed over the no deal on payments stablecoins bill with Democratic Representative Maxine Waters, blaming the Democrats for “unwillingness to compromise” in negotiations. Earlier, CoinGape reported that the Financial Services Committee had in June 2023 released a draft stablecoin bill combining concepts of both Republicans and Democrats. Once passed, the bill to provide for the regulation of payments stablecoins and for other purposes would be referred to as the ‘Clarity for Payment Stablecoins Act of 2023’.
Also Read: XRP Perpetual Futures Volume Data Signal Massive Price Rally Above $1: Kaiko
On Thursday, Republican leader McHenry announced a no deal on stablecoins, saying he was disappointed with the Democrats’ resistance to negotiations.
Patrick McHenry Blames Democrats’ For Halt In Stablecoin Bill
According to Brendan Pedersen on Twitter, ruckus prevailed in the House Financial Services Committee over the lack of enough votes. In her initial remarks, Waters pressed for a question of consideration and a recorded vote on the subject. McHenry blamed the lack of consensus over important provisions for the no deal.
“We were closer than we have ever been. A few small but nonetheless important provisions stood between us and a deal, and it was a White House’s unwillingness to compromise that has once again brought that negotiation to a halt.”
The stablecoin payments bill places limitations on who will be permitted to issue payment stablecoin for use by any person in the United States. Also, the issuers will be required to maintain reserves backing the issuer’s payment stablecoins. The reserves shall be backed with the US currency, funds held as insured demand deposits, Treasury bills, central bank reserve deposits among others. To ensure stablecoin collapses, the bill also places condition on the issuers requiring to submit monthly certification and examination of reports by a registered public accounting firm.
Also Read: US GDP Grows To 2.4% in Q2; Will Bitcoin Price Regain $30k?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Coinbase Ends $2B BVNK Acquisition Talks Amid Stablecoin Race
- Arthur Hayes Buys UNI as CryptoQuant CEO Says Supply Shock ‘Inevitable’ for Uniswap
- Grayscale Launches Options Trading For Solana ETF as SOL Funds Record 10 Consecutive Daily Net Inflows
- Firelight Confirms November Mainnet as Flare TVL Rises and Xaman Introduces Smart Accounts
- Cardano News: Wirex Partners EMURGO To Launch First Ever ADA Card
- Ethereum Price Outlook as Whales and Institutions Boost Holdings — Can ETH Reclaim $4K Before Year-End?
- Can Dogecoin Price Hold Above $0.17 Amid Weekly Surge?
- Chainlink Price Could Crash as 3 Risky Patterns Form Amid Whale Selling
- Cardano Price Could Reclaim $0.7 After Key Stakeholders Add $204M in ADA
- Uniswap Price Soars 21% on Fee Switch and Token Burn Proposal— Eyes $15 Target
- Bitcoin Price Eyes Bulls as Crypto Market Structure Bill Draft Finally Drops
