Following PayPal's announcement of its payment stablecoin, United States Representative Patrick McHenry, chairman of the House Financial Services Committee, emphasized the need for a clear regulatory framework on stablecoins in the payments system. The Committee recently passed the Clarity for Payment Stablecoins Act of 2023, which recommends regulatory paths for stablecoin issuers and brings consumer protection. McHenry believes that stablecoins hold promise as a pillar of the 21st century payments system if issued under a clear regulatory framework. He also advocates for Congress to enact legislation to provide comprehensive digital asset regulation, especially for stablecoins. Additionally, the US SEC recently faced a setback in the Ripple lawsuit, with Judge Analisa Torres ruling that retail sales of XRP tokens do not constitute securities.
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US Congressman Calls for Clear Regulatory Framework on Stablecoins Following PayPal's Payment Stablecoin Launch
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