Currently, there is no U.S. federal definition of digital assets or stablecoins, McHenry said, calling the situation “retrograde.” McHenry, House Financial Services Committee Chair Maxine Waters (NYSE:WAT) and the Treasury Department have been in negotiations for months on legislation to regulate stablecoins “in an election year, in a divided Washington.” He spoke positively about the bipartisan nature of the legislation taking shape and tradeoffs that have been made between himself and Waters, and said:
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Source: Cryptocurrency - investing.com
