The US Democrats propose a stablecoin regulation bill to facilitate the potential growth of the market.
Democratic Representative Maxine Waters has indicated major breakthroughs in the regulation of stablecoins, identifying a strong potential for future enhancements in this significant sector.
In an interview with Bloomberg Television, Waters, a senior member of the House Financial Services Committee, spoke with optimism about a bipartisan agreement in the near term with Committee Chairman Patrick McHenry on stablecoin legislation.
Waters revealed that discussions with North Carolina Republican McHenry have been ongoing for close to two years. While acknowledging the need for further fine-tuning, Waters expressed her belief that the upcoming legislation will garner bipartisan support.
She noted consultations with Senate Majority Leader Chuck Schumer and Senate Banking Chairman Sherrod Brown as well as input from the Federal Reserve, Treasury Department, and the White House in shaping the bill.
As Waters outlined, the primary goal of the legislation is to protect investors and ensure stability in the stablecoin ecosystem. She believes that the legitimacy of stablecoins will be bolstered, potentially paving the way for wider adoption and market confidence.
The receptiveness to stablecoin regulation is poised to further invigorate the market, with the current market capitalization standing at $158.3 billion and trading volume climbing by 22.73% over the past 24 hours.
