Congress is Concerned about PayPal's Stable Coin

Maxine Waters, who is a member of the House of Representatives, said that she is deeply concerned about the launch of a stable PayPal coin. She said that there are no regulatory legal acts for such assets.

What else did the congresswoman say

The official said that PayPal has 435 million users worldwide. This is higher than the number of online accounts of the largest banks. If we take into account the size with coverage, then federal supervision and control of transactions with stablecoins are required to guarantee the protection of users and minimize the risks of financial stability.

Note that the stablecoin was launched on the 7th. PYUSD is based on Ethereum. Paxos infrastructure crypto company acted as the issuer.

Last year, Waters acted as the second author of the law on the regulation of stablecoins. She is a member of the Democratic Party and at that time was the head of the Finance Committee of the House of Representatives.

The second author was Patrick McHenry, a member of the Republican Party. Last fall, the politician said that there was an impasse between the parties regarding financial technologies. The first hearings showed that the bill has strong critics.

Waters called on McHenry and the opposing party to return to negotiations. In her opinion, the sooner they prepare a real bill, the sooner they will ensure the protection of users and the financial system.

The GRIN4 ecosystem

We have created a bot to make money on crypto exchanges. You set the settings, and he trades 24/7. Manage all assets from one service: with your own hands or with the help of algorithmic trading. Anonymously. Simply. Stress-free.