PANews reported on April 2nd that 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." This Republican legislator was previously viewed as a significant victory for the crypto industry when appointed as Financial Services Committee chairman.
Given that Armstrong only publicly made this call yesterday, Hill's swift rejection of his stablecoin vision is indeed noteworthy. Clearly, Armstrong's political influence has been rising, playing a prominent role at 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.
