Maxine Waters said that the lack of federal oversight over PayPal’s PYUSD stablecoin is concerning.
PayPal claims that they have conducted extensive discussions with stablecoin issuers for launching the PYUSD stablecoin.
PayPal’s launch of PYUSD stablecoin earlier this week create much uproar in the crypto community. The American multinational giant has shown its intentions to expand its footprint and services in the crypto space.
However, Congresswoman Maxine Waters expressed major concern with PayPal’s move of launching its PYUSD stablecoin. She added that “there is still no Federal framework for regulation, oversight, and enforcement of these assets,” and thus, the development deeply concerns her.
Additionally, Rep. Maxine Waters (D-Calif.) added that PayPal has a massive customer base of 435 million users worldwide. This is greater than the number of online accounts cumulatively held by all the largest banks combined. Waters wrote.
Given PayPal’s size and reach, Feder

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