On Tuesday, Federal Reserve Chair Jerome Powell met behind closed doors with Democrats on the House Financial Services Committee, Politico reported. A week ago Committee ranking Democrat Maxine Waters said that bipartisan agreement on stablecoin legislation was close, also according to Politico.
“We need a framework for stablecoins,” Powell said, according to a source at Tuesday’s meeting. Powell added that he is “very supportive and am glad that we are close.”
Just over six months ago, Republicans voted a draft stablecoin Bill through the same Committee, with strong opposition from Democrats. The vote came after one of the more acrimonious Committee sessions, which didn’t bode well for a full House or Senate vote.
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