Republicanss Announce No Deal On Stablecoins In US Congress

Also Read: XRP Perpetual Futures Volume Data Signal Massive Price Rally Above $1: Kaiko

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On Thursday, Republican leader McHenry announced a no deal on stablecoins, saying he was disappointed with the Democrats’ resistance to negotiations.

Patrick McHenry Blames Democrats’ For Halt In Stablecoin Bill

According to Brendan Pedersen on Twitter, ruckus prevailed in the House Financial Services Committee over the lack of enough votes. In her initial remarks, Waters pressed for a question of consideration and a recorded vote on the subject. McHenry blamed the lack of consensus over important provisions for the no deal.

“We were closer than we have ever been. A few small but nonetheless important provisions stood between us and a deal, and it was a White House’s unwillingness to compromise that has once again brought that negotiation to a halt.”

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The stablecoin payments bill places limitations on who will be permitted to issue payment stablecoin for use by any person in the United States. Also, the issuers will be required to maintain reserves backing the issuer’s payment stablecoins. The reserves shall be backed with the US currency, funds held as insured demand deposits, Treasury bills, central bank reserve deposits among others. To ensure stablecoin collapses, the bill also places condition on the issuers requiring to submit monthly certification and examination of reports by a registered public accounting firm.

Also Read: US GDP Grows To 2.4% in Q2; Will Bitcoin Price Regain $30k?

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