US Lawmakers Continue Their Push for Stablecoin Reform
Reps. Patrick McHenry and Maxine Waters have been very consistent in their bid to see a stablecoin bill passed into law.
Reps. Patrick McHenry and Maxine Waters have been very consistent in their bid to see a stablecoin bill passed into law.
Waters said a deal with the feds, to create some oversight in the US stablecoin market, has been worked out.
McHenry believes that stablecoins have the potential to play a huge role in the 21st-century payments system.
It remains unclear which regulator will have jurisdiction and control over different types of assets.
Though some giants left Libra, the Association claims that it has nearly 1500 potential candidates to join. And 180 of them meet its strict requirements.
Facebook’s Libra is facing many regulatory challenges that have made institutional backers like MasterCard, Stripe, PayPal, and Visa lead several other potential partners in casting their doubts about the project.
The earlier proposed hearing by the Committee on Financial Services began with the SEC and tackled several issues regarding cryptocurrency, the SEC’s function, Facebook’s Libra, as well as blockchain technology.
Ahead of the Libra launch, Facebook has kicked off a bug bounty program, allowing developers to find bugs within the Libra project and get paid for their findings. Facebook hopes this will ensure a much more secure Libra.
Following a visit to Switzerland to meet with the country’s financial regulators, United States lawmakers are still concerned over Facebook’s proposed cryptocurrency project, Libra.
In recent news, Jamie Dimon from JP Morgan has said that he believes Facebook’s Libra isn’t a short-term concern of an impact on the traditional banks.