According to a recent report by Bloomberg, Maxine Waters, the top Democrat on the House Financial Services Committee, expressed deep concern over PayPal Holdings Inc.’s stablecoin launch without a comprehensive regulatory framework.
According to Waters, the absence of federal oversight poses risks to consumers and the stability of the cryptocurrency market.
Democrat Criticizes PayPal Stablecoin Launch
Stablecoins, digital tokens pegged to traditional assets like the U.S. dollar, have existed for nearly a decade. Primarily used for trading purposes, they have had limited adoption in consumer payments.
Per the report, Waters highlighted the need for robust regulation, oversight, and enforcement mechanisms to protect consumers from potential harm caused by bad actors in the industry.
Waters also criticized a stablecoin bill recently advanced by the House committee, referring to it as “toxic and problematic.”
The proposed legislation, championed by Republican Patrick McHenry, f
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