ChainCatcher news, according to Bloomberg, the U.S. House Financial Services Committee is expected to review a stablecoin legislative draft on April 2.Arkansas Chairman French Hill stated last week that a well-regulated stablecoin market would "strengthen the dollar's dominance, modernize our payment infrastructure, and promote the accessibility of financial services without excessive government intervention."However, critics such as House Committee Democratic Leader Maxine Waters and Senate Banking Committee member Elizabeth Warren argue that the bill is insufficient to protect consumers, advocating for a ban on tech companies issuing stablecoins and other reforms.Critics also worry that if stablecoins fail, there will be a lack of insurance backing, like that provided by the Federal Deposit Insurance Corporation (FDIC); while bankers warn that stablecoins could siphon off deposits and reduce credit channels.

ChainCatcher News, Republican members of the U.S. House of Representatives have introduced a new stablecoin legislative proposal that would strip the Securities and Exchange Commission (SEC) of its jurisdiction over payment stablecoins. The bill would transfer regulatory authority over stablecoins to federal and state banking and credit union regulators. Additionally, it would no longer involve algorithmic stablecoins or require research on CBDCs. (Source link)