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.
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.
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.
The “Trump Insider whale” has reportedly opened a $430 million long position in Bitcoin and…
Western Union has announced plans to launch a U.S. dollar-backed stablecoin built on the Solana…
Trump Media & Technology Group has announced a partnership with Crypto.com to launch Truth Predict.…
Bitget, the top Universal Exchange (UEX), has introduced the COMMON token to its Launchpool, as…
Coinbase Prime has entered a partnership with Figment Inc. in a bid to bring institutional…
Zcash price tumbled over 10% in the last 24 hours after a more than 500%…