ChainCatcher news, according to Bloomberg, the U.S. House Financial Services Committee is expected to review the stablecoin legislation draft on April 2.
Arkansas Chairman French Hill stated last week that a well-regulated stablecoin market would "strengthen the dollar's dominance, modernize our payment infrastructure, and promote financial services accessibility without excessive government intervention".
However, critics like House Committee Democratic Leader Maxine Waters and Senator Elizabeth Warren from the Banking Committee believe the bill is insufficient to protect consumers, advocating for banning tech companies from issuing stablecoins and calling for other reforms.
Critics also worry that without insurance backing like the Federal Deposit Insurance Corporation (FDIC), stablecoins could fail; meanwhile, bankers warn that stablecoins might drain deposits and reduce credit channels.
