United States Republican Patrick T. McHenry, Chair of the House Financial Services Committee, has released a statement calling for the need to pass the Stablecoin Bill in the wake of PayPal’s launch of its own stablecoin PYUSD.
The Call For A Stablecoin Law
According to the statement, McHenry believes stablecoins are the “pillar of our 21st-century payments system.” However, they must be regulated to reach their full potential.
Part of the statement read:
This announcement [Paypal’s PYUSD Launch] is a clear signal that stablecoins—if issued under a clear regulatory framework—hold promise as a pillar of our 21st century payments system,” said Chairman McHenry. “Clear regulations and robust consumer protections are essential to enabling stablecoins to achieve their full potential. That’s why it’s more important than ever that Congress enact legislation to provide comprehensive digital asset regulation, especially for stablecoins.”
McHenry also recognizes the r
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