On September 24, 2024, US Representative Maxine Waters urged the Securities and Exchange Commission to speed up the approval of the stablecoin regulation bill.
Maxine Waters' Call
Maxine Waters, a member of the House Financial Services Committee, urged the committee's chairman Patrick McHenry: "I want us to strike a grand bargain on stablecoins and other long overdue bills." Waters also expressed her belief that a deal can be reached that prioritizes consumer protection and strong federal oversight.
Waters and McHenry Collaboration
Maxine Waters and Patrick McHenry have been working together on the stablecoin regulation bill. Waters noted that time is running out to pass the bill. With McHenry retiring soon, they aim to finalize it by the end of the year to ensure the protection of stablecoin users.
Gary Gensler's Criticism
During the meeting, McHenry stated that SEC Chairman Gary Gensler is confusing everyone with his unclear rules and regulations. "Under Chair Gensler, the SEC has become a rogue agency," McHenry said.
Republican Commissioner Hester Peirce agreed that the SEC has not made the rules clear enough. Peirce stated, "We're trying to be ambiguous because the legal precision carries with it real implications." She believes that the SEC is intentionally making it difficult for institutions and firms involved in crypto to understand how to comply with the rules.
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