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2023-08-10

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PayPal Stablecoin Criticized by Key Lawmaker

The top Democrat on the House Financial Services Committee said Wednesday she is "deeply concerned" with PayPal's decision to launch a stablecoin before the government establishes regulations for the assets."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," Rep. Maxine Waters said in a statement.Waters also criticized Republicans on the House committee for advancing a stablecoin bill last month without her support, urging them to come back to the negotiating table.U.S. policy makers' have worried for years that dollar-based stablecoins could threaten the financial system if they lose their 1-to-1 peg to the greenback, prompting investors to demand their money back en masse. Lawmakers have also voiced concerns related to money laundering, privacy and consumer protection.PayPal's size could subject it to heightened scrutiny from lawmakers and

PayPal Stablecoin Criticized by Key Lawmaker

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Maxine Waters  said in a statement.Waters also criticized Republicans on the House committee for advancing a stablecoin bill last month without her support, urging them to come back to the negotiating table.U.S. policy makers' have worried for years that dollar-based stablecoins could threaten the financial system if they lose their 1-to-1 peg to the greenback, prompting investors to demand their money back en masse. Lawmakers have also voiced concerns related to money laundering, privacy and consumer protection.PayPal's size could subject it to heightened scrutiny from lawmakers and ","content":"<html><head></head><body><p>Key Democratic lawmakers said Wednesday that PayPal’s decision to launch a stablecoin before the government establishes regulations for such assets could put consumers&#39; money at risk.</p><p>“As we’ve seen with other so-called stablecoins, digital assets that purport to be ‘stable’ can quickly become worthless,&#34; said Sen. 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Sherrod Brown (D., Ohio), head of the Senate Banking Committee, in a statement.</p><p>Rep. Maxine Waters (D., Calif.), the top Democrat on the House Financial Services Committee, said earlier she was “deeply concerned” with PayPal’s plan in the absence of federal oversight of stablecoins. Waters also criticized Republicans on the committee for advancing a stablecoin bill last month without her support and urged them to come back to the negotiating table.</p><p>U.S. policy makers’ have worried for years that dollar-based stablecoins could threaten the financial system if they lose their 1-to-1 peg to the greenback, prompting investors to demand their money back en masse. Lawmakers have also voiced concerns related to money laundering, privacy and consumer protection.</p><p>PayPal’s size could subject it to heightened scrutiny from lawmakers and regulators. 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Maxine Waters (D., Calif.), the top Democrat on the House Financial Services Committee, said earlier she was “deeply concerned” with PayPal’s plan in the absence of federal oversight of stablecoins. Waters also criticized Republicans on the committee for advancing a stablecoin bill last month without her support and urged them to come back to the negotiating table.U.S. policy makers’ have worried for years that dollar-based stablecoins could threaten the financial system if they lose their 1-to-1 peg to the greenback, prompting investors to demand their money back en masse. Lawmakers have also voiced concerns related to money laundering, privacy and consumer protection.PayPal’s size could subject it to heightened scrutiny from lawmakers and regulators. 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