There is a small chance that the United States House of Representatives can pass the law to regulate stablecoins by the end of the year, although it will probably pass in the first quarter of 2023, according to the US senator Warren Davidson. say.

According to a Thursday report from Kitco, Davidson said this at the Annual Fintech Policy Conference on Thursday, where he suggested:

"There is an opportunity outside of us to find a way to get consensus on stablecoin fees this year."
The "stablecoin" bill seems to refer to a regulation aimed at "endogenously collateralized stablecoins," which came to light this week - imposing a two-year ban on new algorithmic stablecoins such as TerraUSD Classic (USTC) . However, Davidson went on to say that if "there's a chance we'll get a yes on stablecoins this year," that would be in the first quarter of 2023.

"If we don't, that's what I think we can do with the Republican numbers in the first quarter of next year," he said. Davidson was seen as a friendly activist and initially introduced the Keep Your Coins bill, which aims to protect private crypto wallets from US government scrutiny.

Several bills have been introduced to control the currency in the United States, such as the one introduced on February 1. 15 this year by US Ambassador Josh Gottheimer. The Chairman of the Consumer Financial Protection Bureau (CFPB) Rohit Chopra also spoke at the event and agreed that stablecoins have the potential for widespread adoption, stating:

"One stablecoin, in fear of a payment system or a mobile system, I think it can be created everywhere very quickly."
Chopra added that if stablecoins see this kind of rapid adoption, they could have a strong impact on global financial stability.

The head of the CFPB also said that Washington may be ignoring other aspects of fintech development because it is focusing on crypto in recent months. The meeting brought together financial giants such as Bank of America, Visa and Mastercard and was said to be aimed at promoting dialogue between executives and decision makers about how they can work together to ensure that technology Openness helps businesses, consumers and the economy.

The flat rate is currently being discussed between House Finance Committee Chairwoman Maxine Waters and the Republican committee chairman, Rep. Patrick Mchenry.
Source: Cointelegraph
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