US House to Vote on Stablecoin Bill on the 2nd

Bloomberg reported on the 21st (local time) that the US House of Representatives is expected to vote on a regulatory bill for stablecoins on the 2nd of next month.

This bill is led by French Hill, Chairman of the House Financial Services Committee. Chairman Hill stated, "A stablecoin market with sound regulation strengthens the global status of the US dollar and modernizes the payment infrastructure," adding that "it can expand financial accessibility without government interference."

However, the Democratic Party is concerned about the lack of consumer protection measures. Maxine Waters, the Democratic Ranking Member of the House Financial Services Committee, and Senator Elizabeth Warren of the Senate Banking Committee argue that the issuance of stablecoins by private big tech companies like Exna and Meta should be completely banned. Additionally, some banks are warning that stablecoins could absorb funds from the traditional financial market.