Maxine Waters, a leading House Democrat, expresses deep concern over PayPal's decision to launch its own stablecoin without proper federal regulation. Waters highlights the significant number of PayPal customers globally and emphasizes the need for a regulatory framework.
this week to launch its own stablecoin without having a federal framework in place to regulate the asset.
. “Given PayPal’s size and reach, Federal oversight and enforcement of its stablecoin operations is essential in order to guarantee consumer protections and alleviate financial stability concerns.”the launch of a U.S. dollar stablecoin in conjunction with Paxos on Monday. The token will be pegged to the dollar and “gradually” made available to PayPal’s customers in the U.S., the company said.
a regulatory framework for payment stablecoins late last month, called the Clarity for Payment Stablecoins Act, which McHenry says would protect consumers via federal guardrails while fostering innovation in the U.S.Democrats on the House Financial Services Committee have worked for the past 15 months to regulate stablecoins and “
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