Chairman of the U.S. House Financial Services Committee: Stablecoins are expected to become a pillar of the 21st-century payment system

ChainCatcher News: Following PayPal's announcement of its payment stablecoin, U.S. House Financial Services Committee Chairman Patrick McHenry stated, "If issued under a clear regulatory framework, stablecoins have the potential to become the backbone of our 21st-century payment system." McHenry noted, "The bipartisan Stablecoin Transparency Act recognizes the important role states play in regulating digital asset companies and builds upon successful state frameworks, such as New York's. We are currently at a crossroads in maintaining America's leadership in digital asset innovation. Congress is making significant, bipartisan progress on legislative issues to ensure that the U.S. leads the future financial system. We must get this done."

Previously, the House Financial Services Committee passed the bipartisan "Stablecoin Transparency Act," which establishes a regulatory pathway for the approval and oversight of stablecoin issuers while creating uniform federal minimum standards for payment stablecoins.