Congress faces challenges in drafting stablecoin legislation.

Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, suggested during a subcommittee hearing examining stablecoin regulation on Wednesday that lawmakers may need to start stablecoin legislation from scratch. Waters said the bill doesn't account for issues tied to crypto exchange FTX's failure as well as separate bills Republicans led by now Committee chair Patrick McHenry (R-N.C.) and Democrats came up with last year. Waters said lawmakers now need to get back together to negotiate.