{"id":1578089,"date":"2022-07-29T09:47:45","date_gmt":"2022-07-29T13:47:45","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1578089"},"modified":"2022-07-29T09:49:59","modified_gmt":"2022-07-29T13:49:59","slug":"bipartisan-legislation-regulating-stablecoin-cryptocurrencies-pushed-back-until-after-august-recess","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bipartisan-legislation-regulating-stablecoin-cryptocurrencies-pushed-back-until-after-august-recess\/","title":{"rendered":"Bipartisan Legislation Regulating &#8220;Stablecoin&#8221; Cryptocurrencies Pushed Back Until After August Recess"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbipartisan-legislation-regulating-stablecoin-cryptocurrencies-pushed-back-until-after-august-recess%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1578089&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<div class=\"RichTextArticleBody\">\n<div class=\"RichTextArticleBody-body\">\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\"><\/div>\n<\/p><\/div>\n<p><span class=\"ArticlePage-articleBody-firstLetter\">B<\/span>ipartisan legislation for establishing regulations on certain forms of <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/washingtonexaminer.com\/tag\/cryptocurrency\">cryptocurrency<\/a> known as stablecoins has been pushed back until after Congress returns from its August recess. <\/p>\n<p><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/maxine-waters\" target=\"_blank\" rel=\"noopener\">Rep. Maxine Waters<\/a> (D-CA) announced on Wednesday that the <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/house-financial-services-committee\" target=\"_blank\" rel=\"noopener\">House Committee on Financial Services<\/a> would delay its release of legislation establishing regulations for managing stablecoins, a form of cryptocurrency that determines its value in relation to the U.S. dollar or other currencies, until after the August recess. <\/p>\n<p><b><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/news\/house\/five-times-house-speaker-nancy-pelosi-had-to-answer-for-paul-pelosis-stock-trades\" target=\"_blank\" rel=\"noopener\">INSIDE THE PELOSIS&#8217; HISTORY OF BIG MONEY STOCK TRADES<\/a><\/b> <\/p>\n<p>&#8220;Although the Ranking Member, Secretary Yellen, and I have made considerable progress towards an agreement on the legislation, we are unfortunately not there yet, and will therefore continue our negotiations over the August recess,&#8221; said Waters, the chairwoman of the Financial Services Committee, in a <a class=\"Link\" href=\"https:\/\/financialservices.house.gov\/news\/documentsingle.aspx?DocumentID=409710\">statement<\/a>. &#8220;It&#8217;s critical that we continue moving the ball forward on this so we can have a regulatory framework that protects consumers while allowing for responsible innovation. I look forward to coming to an agreement in the near future and marking up bipartisan legislation when we return from recess.&#8221; <\/p>\n<p>The committee was expected to advance a bipartisan bill focused on creating guardrails for stablecoins on Wednesday. These include requirements that stablecoin issuers maintain 100% reserves and not lend stablecoins to customers, according to <i><a class=\"Link\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-20\/stablecoins-face-scrutiny-as-lawmakers-aim-to-advance-plan#xj4y7vzkg\">Bloomberg<\/a><\/i>. The rules would also determine the types of assets that can back stablecoins and bar commercial companies from issuing stablecoins. <\/p>\n<p><b><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/b> <\/p>\n<p>Crypto assets have gained additional attention in recent months from lawmakers after multiple cryptocurrencies dropped in value in May, causing a <a class=\"Link\" href=\"https:\/\/www.cnbc.com\/2022\/07\/14\/why-the-2022-crypto-winter-is-unlike-previous-bear-markets.html\">crypto winter<\/a> in the marketplace. <\/p>\n<p>The regulations would follow the <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/eu-passes-rules-regulating-wild-west-crypto\">European Union&#8217;s newly passed rules<\/a> regarding the &#8220;Wild West&#8221; crypto market. These rules forced cryptocurrency companies to get a license and implement customer safeguards in order to sell digital tokens in Europe.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bipartisan legislation for establishing regulations on certain forms of cryptocurrency known as stablecoins has been pushed back until after Congress returns from its August<\/p>\n","protected":false},"author":1,"featured_media":1578094,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1578089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1578089","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1578089"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1578089\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1578094"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1578089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1578089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1578089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}