According to Cointelegraph: US lawmakers are reportedly on the verge of passing a long-awaited bill to regulate stablecoins, according to Democratic Representative Maxine Waters. The negotiations, involving the Federal Reserve and House Financial Services Committee Chair Patrick McHenry, have centered on how the Fed would supervise stablecoin issuances.
In her conversation with Politico on February 7, Waters emphasized that it is important for the central bank to have oversight and be at the forefront of the process. She has been negotiating the matter with McHenry for more than a year and a half.
The stablecoin regulation conversation has been prominent among the political commentaries in both the Democratic and Republican factions. One of the key pieces of legislation discussed is the Clarity for Payment Stablecoins Act, which was introduced to Congress by McHenry.
These comments followed a hearing on February 6, where US Treasury Secretary Janet Yellen urged lawmakers that imminent action on cryptocurrency regulation was required to prevent or at least limit risks to investors and the broader financial system. She underscored the importance of protection for cryptocurrency wallet holders and the conduct oversight of stablecoin issuers.