US House Financial Services Committee members differ on PayPal stablecoin. RepMaxineWaters expressed concerns about regulatory framework for P
PayPal’s launch of a U.S. dollar-pegged stablecoin has prompted questions from Democratic members of the House Financial Services Committee, while Republican leadership said the coin showed the potential of regulatory clarity.
In an Aug. 9 statement, committee ranking member Maxine Waters said she was “deeply concerned” about the PayPal USD stablecoin without a regulatory framework in place to ensure oversight and protection for investors. PayPalon Aug. 7, saying its PYUSD would be issued by Paxos Trust and “fully backed by U.S. dollar deposits, short-term U.S. treasuries and similar cash equivalents.”
“Without legislation on the books that establishes clear and strong consumer protections at the Federal level, consumers are at greater risk of harm at the hands of bad actors,” said Waters. “Stablecoins represent the issuance of a new form of money, making it integral that there are Federal guardrails.”
A tale of two lawmakers and their response to the launch of PayPal's stablecoin: Rep. Patrick McHenry is jazzed, and Rep. Maxine Waters is not.
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