House Financial Services Committee: The stablecoin draft proposed last year is outdated due to events such as the collapse of FTX

ChainCatcher news, according to Coindesk, the House Financial Services Committee held its first hearing on stablecoins in 2023 on Wednesday, primarily discussing and exchanging opinions on the relevant draft proposed by Representatives Maxine Waters and Patrick McHenry last year. During the meeting, while Republicans praised the lawmakers for their efforts on the bill, Democrats called it outdated in their opening remarks.

Waters stated, "The bill is a collaborative effort on our part, but negotiations on its terms are still incomplete. Unfortunately, a lot has happened between last fall and now, such as the collapse of the cryptocurrency exchange FTX. McHenry mentioned that lawmakers on his side proposed a brand new bill, which surprised me." (source link)