Negotiations temporarily halted as House fails to reach deal on cryptocurrency bill

Odaily Planet Daily News House members 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. 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. (CoinDesk) As previously reported, the legislation planned to be considered includes a bill that would define when cryptocurrencies are securities or commodities, and another bill that would establish a system to regulate stablecoins, which would be the first time a cryptocurrency regulatory bill has been put to a vote in Congress .