Stablecoin Bill Has a Narrow Chance to Pass By 2022 End

Stablecoin Bill Has a Narrow Chance to Pass By 2022 End
  • The draft for regulation bill is in circulation among the U.S Representatives.
  • The inclusion of stablecoins in the major payment portals makes it very common.

U.S House of Representatives will slightly implement the regulatory bill on stablecoin by the end of 2022. The talk about the regulation draft came to the open forum by this week’s start. And resources familiar with this genre convey that the draft is in circulation among the U.S Representatives.

During the Annual Fintech Policy Forum conducted by the Electronic Transaction Associations (ETA) on September 22, in Washington DC, the topic of discussion turned out to be stablecoin and the regulatory framework in-built for it. U.S. Rep Warren Davidson during a discussion at the forum mentioned the expected date of the stablecoin’s bill passing.

Davidson stated:

“There’s an outside chance we find a way to get to consensus on a stablecoin bill this year”

Executives’ Impression on Stablecoins

Warren Davidson, is an active advocate of the cryptocurrency among the congressmen members of the House Financial Services Committee. The view of Davidson over the new draft is that overpower is given in the hands of the Federal Reserve. The latest definition for stablecoin mentioned in the framework is “overly broad”.

Another executive who was also present at the Annual Fintech Policy Forum was Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB). Rohit believes strongly that stablecoins have extreme adaptivity features in the day-to-day world.  

Rohit stated:

“A stablecoin, riding the rails of a dominant payments system or a mobile OS, I think that could create ubiquity very quickly.”

The inclusion of stablecoins in the major payment portals makes it very common and a must-know element.

Davidson also mentioned that if the bill is not passed by this year-end, then post the elections the Republican government will implement it in the first quarter of 2023. 

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