Stablecoin Bill Has a Narrow Chance to Pass By 2022 End
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- A draft regulatory bill is circulating among US representatives.
- The inclusion of stablecoins in major payment portals makes it very common.
The US House of Representatives will introduce some stablecoin legislation by the end of 2022. Talk of the draft regulation came to the open forum at the beginning of this week. And familiar resources of this genre say that the draft is in motion among the representatives of the United States.
At the annual Fintech policy forum organized by ETA (Electronic Transaction Associations) on September 22 in Washington DC, the topic of discussion was stablecoin and the regulatory framework built into it. US Representative Warren Davidson mentioned the expected approval date of the stablecoin bill during a discussion on the forum.
“There’s an outside chance we’ll find a way to agree on a stablecoin bill this year”
Managers’ impression of Stablecoins
Warren Davidson, is an active cryptocurrency advocate among congressmen on the House Financial Services Committee. Davidson’s view of the new draft is that the upper hand has been placed in the hands of the Federal Reserve. The latest definition of stablecoin mentioned in the framework is “too broad”.
Another executive who was also present at the annual Fintech Policy Forum was Rohit Chopra, Director of the Consumer Protection Bureau (CFPB). Rohit strongly believes that stablecoins have extreme adaptability in the everyday world.
“A stable coin that runs on the rails of a dominant payment system or mobile operating system could, in my opinion, be created everywhere very quickly.”
The inclusion of stablecoins in major payment portals makes it a very common and mandatory element.
Davidson also mentioned that if the law is not passed by the end of this year, a Republican administration will implement it in the first quarter of 2023 after the election.
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