{"id":82877,"date":"2023-08-10T14:22:28","date_gmt":"2023-08-10T11:22:28","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=82877"},"modified":"2025-09-12T07:42:36","modified_gmt":"2025-09-12T04:42:36","slug":"paypals-stablecoin-raises-concerns-in-the-u-s-congress","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/paypals-stablecoin-raises-concerns-in-the-u-s-congress\/","title":{"rendered":"PayPal&#8217;s stablecoin raises concerns in the U.S. Congress"},"content":{"rendered":"<p>US Representative Maxine Waters <a href=\\\"https:\/\/democrats-financialservices.house.gov\/news\/documentsingle.aspx?DocumentID=410725\\\">expressed<\/a> \\&#8221;deep concern\\&#8221; about PayPal\u2019s launch of a stablecoin. She pointed to the lack of a regulatory framework for such assets.<\/p>\n<p>\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\"><p>\\n<\/p>\n<p>\\&#8221;435 million PayPal customers worldwide exceed the total number of online accounts across all megabanks. Given the size and reach, federal supervision and compliance for its operations with &#8216;stablecoins&#8217; are necessary to guarantee consumer protection and to mitigate risks to financial stability,\\&#8221; the congresswoman noted.<\/p>\n<p>\\n<\/p><\/blockquote>\n<p>\\n\\n<\/p>\n<p>On August 7, the payments giant <a href=\"https:\/\/u1f987.com\/en\/news\/paypal-launches-paypal-usd-stablecoin-pyusd\">announced the launch<\/a> of the US dollar-backed stablecoin PYUSD on the Ethereum network. The issuer of the coin is the infrastructure blockchain company Paxos.<\/p>\n<p>\\n\\n<\/p>\n<p>In 2022, Waters co-authored a bill to regulate \\&#8221;stablecoins.\\&#8221; At that time, the Democratic representative chaired the House Financial Services Committee.<\/p>\n<p>\\n\\n<\/p>\n<p>The bill&#8217;s second sponsor was Republican Patrick McHenry, who holds that post now. In October, the politician noted that the bipartisan dialogue on fintech <a href=\"https:\/\/u1f987.com\/en\/news\/congress-signals-tough-debates-over-stablecoins-law\">had stalled<\/a>. At the first hearings in 2023 the bill also <a href=\"https:\/\/u1f987.com\/en\/news\/us-congress-criticises-bill-to-regulate-stablecoins\">faced criticism<\/a>.<\/p>\n<p>\\n\\n<\/p>\n<p>In July, Republican lawmakers introduced their own version of stablecoin regulation. Waters called the document \\&#8221;toxic and problematic.\\&#8221; It would remove assets from the oversight of the <span data-descr=\\\"Federal Reserve System\\\" class=\\\"old_tooltip\\\">Fed<\/span> and undermine the agency&#8217;s role as the central bank, the congresswoman said.<\/p>\n<p>\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\"><p>\\n<\/p>\n<p>\\&#8221;I urge Chairman McHenry and the Republicans to return to the negotiating table to craft a workable bill. The sooner we can come together, the sooner we will ensure protection for consumers and our financial system,\\&#8221; she concluded.<\/p>\n<p>\\n<\/p><\/blockquote>\n<p>\\n\\n<\/p>\n<p>PayPal&#8217;s stablecoin <a href=\"https:\/\/u1f987.com\/en\/news\/crypto-community-weighs-paypals-stablecoin-prospects\">has elicited a mixed reaction<\/a> from crypto-community participants. Some argued that PYUSD would spur widespread adoption of digital assets, while others pointed to centralisation risks.<\/p>\n<p>\\n\\n<\/p>\n<p>Paxos said it <a href=\"https:\/\/u1f987.com\/en\/news\/paxos-reveals-new-partnerships-to-launch-stablecoins\">had held talks<\/a> with many of the world&#8217;s largest technology companies and financial-services providers regarding the issuance of \\&#8221;stablecoins\\&#8221;.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US Representative Maxine Waters expressed &#8216;deep concern&#8217; about PayPal&#8217;s stablecoin launch. She pointed to the lack of a regulatory framework for such assets.<\/p>\n","protected":false},"author":1,"featured_media":82878,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[182,1481,36,807,1230],"class_list":["post-82877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-paypal","tag-pyusd","tag-regulation","tag-stablecoins","tag-us-congress"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82877","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=82877"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82877\/revisions"}],"predecessor-version":[{"id":82879,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82877\/revisions\/82879"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/82878"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=82877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=82877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=82877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}