On the issue of stablecoins, which is seriously discussed in the USA, the Democratic and Republican lawmakers in the Congressional Financial Services Committee could not reach an agreement. This difference of opinion was made public for the first time in the news in the US media in the past days. Now, a person who spoke to Yahoo Finance and stated to have detailed information on the subject stated that the difference of opinion is about digital wallets.
The knowledgeable person stated that the difference of opinion is deep and that the draft text, which is expected to be ready at least in September, may not be ready at all in the short term. A source from Yahoo Finance noted that Democrat lawmakers went to and from the Financial Services Committee almost daily for the past week and were particularly insistent on digital wallets:
"Democrats want certain standards for wallets at the federal level. They want to ensure that these wallets cannot be used for shadow banking activities and that wealth holders' funds are not given as loans by custodians to other individuals or institutions."
On the other hand, it is among the demands of the Democrat deputies that many companies that have gone bankrupt or froze their customer assets should be cited as an example, and that measures should be taken to prevent the same situation:
"In addition, the custodian company's own assets need to be separated from customer assets so that customer assets will not be damaged if the wallet company goes bankrupt."
These demands of Democrats are not included in the current bill. Therefore, there are serious differences of opinion between the two sides. The article also wrote about the Republican side's point of view on this issue, and it was written that Republicans think that digital wallets should be excluded from the scope of the law. However, the Republican side finally made a proposal to the Democrats that each state could enact its own wallet ordinance. It is stated that the Treasury Department will not support this group in any way without a strong bill that protects users.