Congressman Warren Davidson: We’re unlikely to reach an agreement on a stablecoin bill

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There is no certainty in the US Congress about stablecoins and their regulation, but one of the senators believes that certainty will appear in the first quarter of next year

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Congressman Warren Davidson believes there is little chance for Parliament to reach consensus on a bill to regulate stablecoins by the end of this year. However, most likely, it will be adopted at the beginning of the next one.

The stablecoin bill is linked to another bill that would see a two-year ban on algorithmic stablecoins like TerraUSD Classic (USTC). According to Davidson, no one is going to delay the adoption of the law, since the topic is quite hot and discussions about stablecoins have been going on for a long time.

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Davidson himself has been described as a crypto-friendly politician, having previously introduced the Keep Your Coins bill, which aims to protect non-custodial wallets from US government scrutiny.

Director of the Consumer Financial Protection Bureau (CFPB) Rohit Chopra believes that stablecoins have the potential for widespread adoption:

“Stablecoins running on a dominant payment system or mobile operating system, I believe, can become popular with citizens very quickly. If they become widespread, it will have a major impact on global financial stability.”

Jamie Dimon, CEO of major investment bank JP Morgan, said earlier that the stablecoin market in the US needs proper regulation.

Source: Bits

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