A bipartisan bill to establish oversight of stablecoins will not be introduced before the August recess of the US Congress, признала the chair of the House Financial Services Committee, Maxine Waters.
“Although Deputy Patrick McHenry, Treasury Secretary Janet Yellen and I have made substantial progress toward reaching an agreement on the legislation, we have not yet reached it, and therefore we will continue negotiations after the August recess,” the congresswoman said during the committee’s schedule discussion.
McHenry confirmed that work on the act is close to completion.
“It is crucial that we continue to move forward in this direction, with the aim of establishing a regulatory framework that protects consumers while enabling responsible innovation,” Waters emphasized.
According to the media, she and McHenry are working on the deal over the bill, with Yellen mediating.
The Treasury insists that the document account for risks to client funds when crypto exchanges do not segregate these assets from their own. Republican McHenry opposes expanding the reach of the legislation.
There is less disagreement between the parties over the Federal Reserve’s leading role in supervising stablecoins.
Little else is known about other details of the forthcoming bill.
In May, Yellen, in the wake of the TerraUSD incident (UST) urged the passage of a law regulating stablecoins by the end of the year.
Her was supported by Michael Barr, a candidate for the position of Fed vice chair.
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