Patrick McHenry, ranking member of the United States House of Representatives Financial Services Committee, thinks the “conversation has become unmoored” about financial technology and needs to return to solving real world problems. He is in talks on legislation that may at least bring more clarity to stablecoins.
Currently, there is no U.S. federal definition of digital assets or stablecoin, McHenry said, calling the situation “retrograde.” McHenry, House Financial Services Committee chair Maxine Waters and the Treasury Departmenton legislation to regulate stablecoins “in an election year, in a divided Washington.
“We agree on the asset, that is, a narrowly defined set of assets, 1:1 backing, no leverage. [..] Then we get into more complex conversations.” Speaking at DC Fintech Week, McHenry named “the means by which we hold” stablecoin, regulating wallets and determining the federal regulator for it as outstanding questions. Those decisions are “less science, more art,” he said. The resulting draft is “a pretty ugly baby,” according to McHenry, who added that it may grow into something more attractive.
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