The US House Financial Services Committee has held its first hearing in 2023 on a bill aimed at regulating stablecoin issuers.
The Congress has criticized the document on the grounds that it contains outdated data and has asked to update the information for the next meeting for further discussion.
Patrick McHenry, chairman of the committee, has stated:
"It is important for us internationally and domestically, and it is very important that we have the understanding on a bipartisan basis, the utility and importance of this legislation."
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He co-authored the document with his colleague Maxine Waters. In October last year, McHenry warned of a "complex debate" over the stablecoin bill.
Dante Disparte, Circle's chief strategy officer, has said:
"The US is the only one among the largest jurisdictions in the world that does not have a federal payment charter. We need to level the playing field between the US and the rest of the world. Banks and other organizations in the US need regulated avenues to issue stablecoins."
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