US Congress Grapples with Stablecoin Regulation in 2023 Hearing.

The House Financial Services Committee held its first hearing on stablecoins in 2023 on Wednesday in connection with a discussion draft bill that was created by Reps. Maxine Waters (D-Calif.) and Patrick McHenry (R-N.C.) last year and that was published over the past weekend. While Republicans praised the effort that went into the bill, Democrats called it outdated. Regulating stablecoins has been a priority of U.S. financial agencies that see them as potential threats to future financial stability, and lawmakers from both parties argued that this narrow slice of the industry could be handled more easily than a more comprehensive bill.