Crypto News: United States Representative Patrick McHenry, chairman of the House Financial Services Committee, on Monday issued an announcement following PayPal announcement on the launch of its fee stablecoin. He mentioned the event stresses the necessity for a transparent regulatory framework on stablecoins within the funds system. This comes after the Committee had just lately passed the Clarity for Payment Stablecoins Act of 2023, which recommends a number of regulatory paths for regulating stablecoin issuers At the identical time, the Stablecoin Act additionally brings shopper safety.
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“Financial System Of The Future”
McHenry mentioned 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 powerful supporter of getting a conducive atmosphere for the crypto market. Earlier, McHenry warned US Securities and Exchange Commission (SEC) Chair Gary Gensler over the feedback on spot Bitcoin ETF filings. Prior to this, he had grilled Gensler on his views on Ethereum being a safety 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 point was ripe for the Congress to deliver legal guidelines for a complete digital asset regulation, particularly for stablecoins. With a market cap of $83 billion, Tether USDt (USDT) is at the moment the world’s prime stablecoin adopted by USD Coin (USDC) at $26 billion. Meanwhile, the US SEC just lately confronted a setback within the Ripple lawsuit, with Judge Analisa Torres giving out a historic verdict stating retail gross sales of XRP tokens don’t represent securities.
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