The search for a way out for stablecoins, which has been the subject of debate in the USA for a long time, continues. Recently, the regulation that will determine the fate of stablecoins has been postponed to the term of Congress after the August holiday, and the bill has lost its heat. However, it was stated that the US Financial Services Committee is working on a bilateral agreement.
Financial Services Committee Under Pressure on Stablecoin
Maxine Waters and Patrick McHenry of the Financial Services Committee are working on a bilateral agreement on stablecoins. In the statements made by the committee yesterday, it was announced that the time to draft a bill for stablecoins has already come.
Emphasizing that the stablecoin operation should take place in the system, McHenry said the following.
"We're close. We're not there yet, but we're close. We want to make sure this bill is technically adequate and a viable law."
Emphasizing that several innovations should come for cryptocurrencies, Waters made a written statement as follows:
“While Congressman, Senator Yellen and I have made significant progress towards reaching an agreement on legislation, unfortunately we are not there yet. So we will continue our negotiations over the August break. It is critical that we continue to move the ball forward on this issue. Thus, we are committed to responsible innovation while protecting consumers. We can have a regulatory framework that allows."
Tether: No Chinese Bonds in Our Reserves
The Chinese debt market, which has become fragile with the default of Chinese real estate companies, which have been heavily indebted in the past years, has been seen as quite risky by investors recently. For this reason, the treasury of the market's largest stablecoin issuer is being questioned.
In response to these speculations, Tether made a statement on its official website on July 27, saying that the spread of misinformation is a great threat to the market, not only discrediting the industry, but also a potential danger that causes concern to every member of the community, that speculators should keep this in mind and stated that the speculators were wrong.