Bloomberg: U.S. House Financial Services Committee is expected to review draft stablecoin legislation on April 2

PANews March 22 news, according to Bloomberg, the U.S. House Financial Services Committee is expected to review the draft stablecoin legislation on April 2. Arkansas Chairman French Hill said last week that a well-regulated stablecoin market would “strengthen the dominance of the dollar, modernize our payment infrastructure, and promote the popularity of financial services without excessive government intervention.” But critics such as House Committee Democratic Leader Maxine Waters and Senate Banking Committee Elizabeth Warren argued that the bill was not enough to protect consumers, advocated banning tech companies from issuing stablecoins and other reforms. Critics also worry that if the stablecoins fail, there will be a lack of insurance like the Federal Deposit Insurance Corporation (FDIC) as backing; while bankers warn that stablecoins may suck deposits and reduce credit channels.