NEW: Democrats called a draft stablecoin bill outdated in Congress's first hearing on the issue this year: 'I think we're starting from scratch,' RepMaxineWaters, a key lawmaker, said. nikhileshde jesseahamilton report
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.Skeptical remarks from key Democrats Wednesday are questioning the chances for U.S. stablecoin legislation that the crypto industry has been relying on as the first real oversight effort.
"Mr. McHenry alarmed me somewhat when he said that the members on his side of the aisle had come up with a whole new bill," Waters said."The posted bill in no way represents ... negotiations between the two of us ... I think we're starting from scratch."Rep. French Hill , the chair of the subcommittee holding the hearing, took a different tone, calling the bill a bipartisan baby “named Maxine McHenry.
Still, the need for a federal bill on stablecoins is apparent, said Rep. Patrick McHenry, the chair of the overall Financial Services Committee.
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