Representative Maxine Waters revealed both political parties are now “getting very close” to a joint stablecoin vision.

United States Treasury Secretary Janet Yellen told lawmakers that Congress should address gaps in digital asset regulation, some of which could present risks to investors or the financial system. 

In a Feb. 6 hearing on the Financial Stability Oversight Council annual report, House Financial Services Committee Chair, Representative Patrick McHenry, questioned Yellen about her views on pending legislation to address stablecoins and regulatory clarity of the crypto space. The Treasury secretary called the regulation “critical” for certain areas, including protecting wallet holders and overseeing stablecoin issuers.

A day later, Representative Maxine Waters revealed that Democrats and Republicans are now “getting very close” to a joint stablecoin vision. Waters has been negotiating the matter with McHenry for over 20 months. Much debate has revolved around how the Federal Reserve would oversee the stablecoin arena and whether it would write rules regarding the issuance of stablecoins.

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