Lawmakers delay voting on US bill to regulate stablecoins till September

US legislators have postponed voting on a bipartisan bill on stablecoin regulation until at least September. The Wall Street Journal reportQuote people who are familiar with the problem.

The bill would have been an important step towards reigning in the US cryptocurrency industry, especially with Stablecoin.The bill was intended to impose bank-like strict regulations on stablecoin issuers, formerly the WSJ. report..

The introduction of the law requires an arrangement between Maxine Waters, Chairman of the House Financial Services Commission, and top Republicans of the Patrick McHenry Commission. However, lawmakers working on the deal failed to complete the bill before the committee’s vote scheduled for Wednesday, the WSJ reported.

Therefore, the bill could be picked up again when Congress returns from a break at the end of the summer in September.

According to the WSJ, lawmakers worked to complete the draft policy throughout the weekend, but as of July 25, some key issues remained unresolved. One such issue in question was the standard for storage wallets.

Treasury officials who supported the drafting but did not approve the bill reportedly demanded that the Republican Party stipulate a wallet that is not fully open.

Treasury Secretary Janet Yellen praised the bill’s work on a phone call with Waters on July 22, but did not approve the bill, the WSJ reported. A person familiar with the call told the WSJ that Yellen needed to check in at the White House. The White House hasn’t publicly considered the bill yet, but Biden administration officials are calling for it.

The WSJ also said some regulators and bankers were wary of the speed at which supporters of the bill were planning to vote for it. WSJ lobbied the Independent Community Bankers of Japan to call Waters on July 22 to postpone voting on a bill stating the need for feedback from bankers and industry stakeholders. I reported that I requested it.

The Wall Street Journal officials said the Securities and Exchange Commission officials have also expressed concern about the bill.