Rep. Maxine Waters, the top Democrat on the Financial Services Committee, looks forward to reaching a consensus with Chairman Patrick McHenry regarding the regulation of stablecoins. This expectation aligns with the introduction of bipartisan legislation by Senators Cynthia Lummis and Kirsten Gillibrand, aimed at regulating stablecoins. This action highlights the growing sense of urgency in Congress to establish clear guidelines for the regulatory framework surrounding digital currencies.
According to Waters, it’s crucial that the federal government regulates stablecoins to protect investors and guarantee their backing by sufficient assets. This viewpoint aligns with key players like Senate leaders, the Federal Reserve, Treasury Department, and the White House, who have collaborated on drafting the bill. Similarly, Jeremy Allaire, Circle’s CEO, shares this expectation, predicting substantial regulations for stablecoins in 2024, which could significantly impact the $135.3 billion cryptocurrency market.
Push for Marijuana Banking Legislation Gains Momentum
At the same time that lawmakers work on controlling stablecoins, Representative Maxine Waters pushes for marijuana banking legislation. Her goal is to remove federal barriers preventing the cannabis industry from using traditional banking services. Although marijuana is legal in many places, federal regulations have left cannabis businesses heavily reliant on cash, creating difficulties with financial transactions and security concerns.
According to Waters, there’s reason to be hopeful that marijuana banking legislation will gain bipartisan backing, despite potential obstacles. Importantly, Senate Majority Leader Schumer has pledged to tackle this matter, suggesting a possible change in the federal stance on the issue.
Potential Legislative Package Combines Stablecoin and Marijuana Banking Bills
Chairmen Patrick McHenry and Maxine Waters are exploring the possibility of combining three pieces of legislation: one dealing with stablecoins, another with marijuana banking, and a third concerning executive pay at failed banks. By merging these bills, they hope to tackle several financial and regulatory matters all at once.
Lawmakers aim to link their proposed legislative bundle to the Federal Aviation Administration’s renewal bill as a tactical move. By doing so, they hope to progress important legislative agendas, utilize the necessity of this legislation for bipartisan collaboration, and tackle urgent financial sector concerns.
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2024-04-25 09:39