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

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.

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“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.

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