The U.S. House of Representatives Financial Services Committee Has Passed the Payments Stablecoin Transparency Act and the Preserve Coins Act

Odaily Planet Daily News The U.S. House of Representatives Financial Services Committee has passed the "Clarity for Payment Stablecoins Act of 2023", "Keep Your Coins Act of 2023" and five other financial-related bills . These bills are respectively intended to provide regulation for the issuance of payment stablecoins and ensure that cryptocurrency users are allowed to keep their assets in self-custodial wallets. According to previous reports, members of the U.S. House of Representatives failed to reach a bipartisan agreement on the cryptocurrency bill. Patrick McHenry, chairman of the Financial Services Committee, accused the White House of refusing to make concessions, while the top Democrat on the committee said that McHenry stopped negotiations. Democrat Maxine Waters believes that the bill has serious problems and is not good for the United States. The bill plans to create 58 different licenses to compete, allow issuers to hold multiple assets as reserves, and allow large companies such as Meta or Wal-Mart to issue currencies. Waters said neither the Fed nor the U.S. Treasury supported the current proposal.