Following PayPal's launch of its own stablecoin, Patrick T. McHenry, Chair of the House Financial Services Committee, emphasized the need for legislation to be passed to govern stablecoins.
U.S. Republican Pushes For Passage of Stablecoin Bill
Following PayPal's launch of its own stablecoin, Patrick T. McHenry, Chair of the House Financial Services Committee, emphasized the need for legislation to be passed to govern stablecoins.
The Clarity for Payment Stablecoins Act, a legislative framework for payment stablecoins, was advanced by the House Financial Services Committee late last month. Congress is making considerable bipartisan progress on legislation to ensure that the US leads the financial system of the future.
According to McHenry, PayPal’s announcement shows that stablecoins have the potential to be a pillar of the 21st-century payments system provided they are created inside a defined regulatory framework.
On Monday, PayPal introduced its US dollar stablecoin in collaboration with Paxos. The cryptocurrency will progressively become accessible to PayPal users in the US and be pegged to the dollar.
PayPal apparently encountered a setback as a result of heightened regulatory scrutiny after exploring the launch of a stablecoin in 2021.
