U.S. House Financial Services Committee Chairman Rejects Interest-Paying Stablecoin Proposal

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On April 2, according to Beincrypto, French Hill, chairman of the U.S. House Financial Services Committee, rejected a proposal allowing stablecoin interest payments, despite Coinbase CEO Brian Armstrong's public call for support just yesterday. As a major proponent of stablecoin regulation, Hill told reporters today: "While I understand this perspective, there is no bipartisan consensus in Congress regarding paying interest to holders of dollar-backed payment stablecoins." When this Republican legislator was previously appointed as the Financial Services Committee chairman, the crypto industry viewed it as a significant victory. Given that Armstrong only publicly made this call yesterday, Hill's swift rejection of his stablecoin vision is indeed noteworthy. Apparently, Armstrong's political influence has been rising, playing a prominent role in Trump's cryptocurrency summit, and the U.S. SEC has also dropped its lawsuit against Coinbase. This is an important fact the U.S. cryptocurrency industry needs to recognize: no matter how quickly its influence grows, for most people, it remains a new phenomenon.

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