- Chairman Patrick McHenry brings legislation on Stablecoins.
- Coinbase team applauds the step towards consumer protection for the Stablecoins Payment Act.
The Chairman of the Financial Services Committee of the United States, Patrick McHenry, who is serving the tenth Congressional District has introduced the Clarity for Payment Stablecoins Act through Bipartisan vote. In Washington, this Thursday, Chairman McHenry laid the foundation for regulating the stablecoin providers with strong consumer protection. This is with respect to the federal guidelines before any incident could happen, as mentioned.
#BREAKING: Chairman @PatrickMcHenry's Clarity for Payment Stablecoins Act passes the Financial Services Committee with BIPARTISAN support.
— Financial Services GOP (@FinancialCmte) July 28, 2023
After fifteen months of bipartisan collaboration, this landmark legislation is one step closer to becoming law. pic.twitter.com/vCiyqjyAAf
In total, there are seven bills that have been remarked from the Financial Services Committee supporting the legislation. Out of which, the “Clarity for Payment Stablecoins Act of 2023” brings the newer evolutions in the U.S. with an adaptable approach into the subjective marketplace.
Payment Stablecoins Act with Consumer Protection
Chairman McHenry in collaboration with multiple parties over the past fifteen months, finally came one step closer to make the legislation, a law.
Protecting consumers is a valuable way of keeping investors on track by ensuring safety and security. Moreover, this Payment Stablecoins Act might enlighten the crypto community with secured trading.
In April, the House Committee kept the Financial Services on the Stablecoins to be on hold yet the current legislation has come up with the effective chances of secured payment.
Payment Stablecoins Act Gets Support From CoinBase
The Chief Policy Officer of Coinbase, Faryar Shirzad congratulated Chairman McHenry for bringing the Clarity for Payment Stablecoins Act.
Yet more congratulations to @PatrickMcHenry for getting the Clarity for Payment Stablecoins Act across the line with bipartisan support. It’s been a historic week, and a big step forward for consumer protection. https://t.co/7bRgAotAD6
— Faryar Shirzad (@faryarshirzad) July 28, 2023
However, he also pointed out that the support for the necessary act across the line paved the way through bipartisan voting.
— Brian Armstrong 🛡️ (@brian_armstrong) July 28, 2023
Brian Armstrong, the CEO and Co-founder of Coinbase has given an astonishing response praising the effective step ahead towards consumer protection. The term ‘huge’ determines the necessity of payment over the stablecoins and the CPO of Coinbase pointed out, “It’s been a historic week.”
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