Maxine Waters Pushes for Stablecoin Legislation by Year-End 2024

Key points:

• Top Democrat Maxine Waters and Republican Rep. Patrick McHenry, who chairs the House Financial Services Committee, have been working on a bill to create a regulatory framework for stablecoins since  2022.
• On Tuesday during a House Financial Services Committee hearing, Waters said she believes lawmakers could reach a deal.

Maxine Waters pushes to finalize stablecoin legislation by year-end, aiming for a bipartisan deal with strong consumer protections and federal oversight.

Stablecoin Legislation Could Be Finalized by Year-End

Members Maxine Waters and Patrick McHenry have worked on stablecoin legislation since 2022. The bill is supposed to set up a regulatory framework with strong federal oversight and consumer protections. Waters makes sure to drive home that stablecoins, for stability, must be backed by safe reserves, such as Treasury bills.

With the deadline looming, Waters is pushing for a bipartisan deal. McHenry remained optimistic, saying clarity of digital assets is required to regulate stablecoin and future innovation, according to The Block.

Read more: TON-Based Stable Swap Project Launched to Promote Stablecoins on Network

Bipartisan Efforts Push Forward Stablecoin Legislation

Waters is working to push through a major bipartisan stablecoin bill deal ahead of the year’s end. While the bill allows state regulators to approve issuances, Waters seeks to involve the Federal Reserve for increased oversight.

The bill also focuses on ensuring that the stablecoins are backed up with safe reserves. McHenry also said he would retire in January, reducing the timing available for the passing of the stablecoin legislation with lawmakers trying to jam the bill to make sure there’s some regularity.