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Representative Patrick McHenry, the US House Financial Services Committee chair, endorsed PayPal’s stablecoin, PYUSD, as a key pillar for modern payments.
The endorsement was given on Aug. 7, shortly after PayPal announced the stablecoin launch in partnership with Paxos.
#NEW: Chairman @PatrickMcHenry releases a statement following the announcement of PayPal’s payment stablecoin launch. Read more https://t.co/LOF9ayUNnG pic.twitter.com/sRfSfLYbXQ— Financial Services GOP (@FinancialCmte) August 7, 2023
In his statement, McHenry emphasized that PayPal’s stablecoin, issued under a clear regulatory framework, holds significant potential for the US financial ecosystem. This comes amid the Financial Services Committee’s effort to enact the Clarity for Payment Stablecoins Act, a bipartisan bill passed by the committee on July 27 but still awaiting enactment.
The Clarity for Payment Stablecoins Act aims to recognize state-level regulation of crypto companies and build on existing state regulatory structures.
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McHenry praised the crypto regulation approach by New York and stressed the importance of clear regulations and robust consumer protections for stablecoins to reach their maximum potential.
The endorsement holds substantial significance, considering the influential role of the House Financial Services Committee as a gatekeeper for financial legislation in the US Congress.
The latest move also comes in the context of earlier regulatory challenges faced by PayPal, with Bloomberg reporting in February that the company had paused work on its stablecoin project due to scrutiny from New York regulators.
Highlighting the US position “at a crossroads” in determining its leadership in digital assets, McHenry urged Congress to move forward with comprehensive regulation in the cryptocurrency space.
The approval from such a prominent government figure marks a vital step towards the acceptance of stablecoins and sets the stage for future legislative actions in the cryptocurrency arena.
While the committee does not have direct authority to approve the stablecoin, its endorsement carries significant weight and could influence the outcome of a full House vote on related matters.
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