Key Points
July 27 (Reuters) - The top Republican and Democrat on the U.S. House Financial Services committee on Thursday said they had failed to come to an agreement on a bill to establish a federal regulatory framework for stablecoins, a type of cryptocurrency typically pegged to a traditional asset, often the U.S. dollar...
The bill would have the U.S. Federal Reserve write requirements for issuing stablecoins while preserving the authority of state regulators, and was previously modified to address concerns from some Democrats that stablecoin issuers could evade stricter oversight by opting to be regulated under a state regime...
But Representative Patrick McHenry, the chair of the committee, said on Thursday at the outset of a hearing that he had not reached a deal with Representative Maxine Waters, the committee's top Democrat...
A handful of House Democrats, including Jim Himes and Ritchie Torres, joined committee Republicans in voting for that bill, which is also being considered by the House Agriculture Committee on Thursday...
