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As lawmakers were in process of agreeing on imposing tougher oversight of stablecoins, a tentative timeline is on the cards. Last week, it was reported that Maxine Waters and Patrick McHenry were set to reach a deal on stablecoin bill. Folowing the agreement, it was hoped that the House Financial Services Committee could vote on it.
Stablecoin Bill Could Be Considered After Weeks?
Meanwhile, the Wall Street Journal reported that there could be a delay in the consideration. The lawmakers are delaying consideration of the bipartisan bill, it said. The delay is forced by inability to finish pending work on the draft bill before the tentative date for the committee’s vote.
“Lawmakers were unable to complete work on the draft bill ahead of a planned committee vote tentatively set for Wednesday. Issues like standards around so-called custodial wallets are yet to be finalized in the draft bill.”
This means that the bill’s consideration could be postponed by several weeks to as late as September. The Congress is likely to resume operations after the summer break in September. If and when any progress is made with the stablecoin bill, it could have a huge impact on the future of crypto trading. The U.S. lawmakers are not convinced that the existing laws could help maintain the financial stability and regulate crypto assets. Increased pressure around regulatory action on stablecoins started after the fallout of Terra’s UST stablecoin.
UK’s Bill To Regulate Stablecoins For Payments
Meanwhile, the UK is bringing in support for the use of stablecoins. The dollar pegged assets will be backed for making payments under the country’s Financial Services and Markets Bill. The bill bruings standards for utilizing stablecoins for payments as crypto adoption rises. All crypto players, including companies that issue stablecoins and custody services providers need to register with the Financial Conduct Authority.
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