Members of the House Financial Services Committee convened to discuss payment stablecoins with crypto and banking executives. The committee is considering several bills including Rep. Tom Emmer’s and the CRA, which aims to enhance federal oversight over wallet and payment providers. This hearing occurs amid ongoing debates about the future regulatory landscape for stablecoins in the US. In the Senate, the GENIUS Act is set to introduce reserve and anti-money laundering requirements for foreign stablecoin issuers, with a mark-up scheduled for Thursday. Both the GENIUS and STABLE Acts propose to delineate oversight responsibilities between federal and state agencies. During the hearing, Rep. Maxine Waters criticized the Trump administration's approach to digital asset regulation, suggesting that it favored personal interests in the crypto legislation.

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