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Stablecoins Face US Scrutiny as House Lawmakers Craft Rules

  • Leaders of House Financial Services Committee target July 27
  • Committee approval is key step to passing crypto legislation
Representatives Patrick McHenry and Maxine Waters are readying new rules around stablecoins.
Representatives Patrick McHenry and Maxine Waters are readying new rules around stablecoins.Photographer: Andrew Harrer/Bloomberg
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US lawmakers’ efforts to police stablecoins are gaining steam, with a key House committee preparing to consider a plan for imposing new rules as soon as next week.

Leaders of the House Financial Services Committee are eyeing July 27 to advance a bipartisan bill focused on the digital tokens, according to three people with knowledge of the proposal who asked not to be named discussing the panel’s plans. Maxine Waters, a California Democrat, and Patrick McHenry, a Republican from North Carolina, have said they’re working together to create guardrails for stablecoins, crypto assets that are typically designed to be pegged to the US dollar or other traditional currencies.