US House Panel's Patrick McHenry Reacts To PayPal Stablecoin

Also Read: Digital Asset Outflows Surge, Solana And XRP Lead Impressive Weekly Inflows: Report

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“Financial System Of The Future”

McHenry said in a statement that “If issued under a clear regulatory framework, (the stablecoins) hold promise as a pillar of our 21st century payments system.” Patrick McHenry had been a strong supporter of having a conducive environment for the Crypto Market. Earlier, McHenry warned US Securities and Exchange Commission (SEC) Chair Gary Gensler over the comments on spot Bitcoin ETF filings. Prior to this, he had grilled Gensler on his views on Ethereum being a security vs commodity.

“Clear regulations and robust consumer protections are essential to enabling stablecoins to achieve their full potential. That’s why it’s more important than ever that Congress enact legislation to provide comprehensive digital asset regulation, especially for stablecoins.”

Meanwhile, the US SEC recently faced a setback in the Ripple lawsuit, with Judge Analisa Torres giving out a historic verdict stating retail sales of XRP tokens do not constitute securities.

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