Maxine Waters, chair of the House of Representatives Financial Services Committee, acknowledged that a bipartisan bill to ensure oversight of stablecoins will not be submitted until the August recess of the US Congress.

“Although the deputy [Патрик Макгенри]Minister of Finance [Джаннет] Yellen and I have made significant progress in reaching an agreement on the legislation, unfortunately we have not reached that yet and therefore we will continue our negotiations after the August holiday,” he said.

McHenry confirmed that work on the action is “near” to completion.

“It is critical that we continue to move in this direction to achieve a regulatory framework that allows responsible innovation while protecting consumers,” Waters said.

According to media, he is working on a deal with McHenry on the bill brokered by Yellen.

The Ministry of Finance insists that the document considers risks to client funds when crypto exchanges do not separate these assets from themselves. Republican McHenry opposes expanding the legislation.

Less conflict between parties results in the Federal Reserve System (FRS)’s leading role in the control of stablecoins.

Nothing is known about other details of the upcoming bill.

Recall that in May, against the background of the incident with TerraUSD (UST), Yellen called for the adoption of a law on the regulation of stablecoins by the end of the year.

His view on the importance of introducing rules for “stable coins” was supported by the nominee of Fed Vice Chairman Michael Barr.

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