“We Must Finish The Job”: US Cong’s Patrick McHenry On PayPal Stablecoin

Patrick McHenry, chairman of the House Financial Services Committee, on Monday issued a statement following PayPal announcement.
By Anvesh Reddy
Updated July 16, 2024
Patrick McHenry Calls SEC A "Rogue Agency" Ahead Of Gary Gensler Congress Hearing

Crypto News: United States Representative Patrick McHenry, chairman of the House Financial Services Committee, on Monday issued a statement following PayPal announcement on the launch of its payment stablecoin. He said the development stresses the need for a clear regulatory framework on stablecoins in the payments system. This comes after the Committee had recently passed the Clarity for Payment Stablecoins Act of 2023, which recommends several regulatory paths for regulating stablecoin issuers At the same time, the Stablecoin Act also brings consumer protection.

Also Read: Digital Asset Outflows Surge, Solana And XRP Lead Impressive Weekly Inflows: Report

Advertisement
Advertisement

“Financial System Of The Future”

McHenry said in a statement that “If issued under a clear regulatory framework, (the stablecoins) hold promise as a pillar of our 21st century payments system.” Patrick McHenry had been a strong supporter of having a conducive environment for the crypto market. Earlier, McHenry warned US Securities and Exchange Commission (SEC) Chair Gary Gensler over the comments on spot Bitcoin ETF filings. Prior to this, he had grilled Gensler on his views on Ethereum being a security vs commodity.

“Clear regulations and robust consumer protections are essential to enabling stablecoins to achieve their full potential. That’s why it’s more important than ever that Congress enact legislation to provide comprehensive digital asset regulation, especially for stablecoins.”

The Committee Chair added that time was ripe for the Congress to bring laws for a comprehensive digital asset regulation, especially for stablecoins. With a market cap of $83 billion, Tether USDt (USDT) is currently the world’s top stablecoin followed by USD Coin (USDC) at $26 billion. Meanwhile, the US SEC recently faced a setback in the Ripple lawsuit, with Judge Analisa Torres giving out a historic verdict stating retail sales of XRP tokens do not constitute securities.

Also Read: New Whale Scoops 4 Trillion Shiba Inu (SHIB) Ahead Of Shibarium Launch

Advertisement
Anvesh Reddy
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.