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The legislation that could establish U.S. regulations for stablecoins has formally been delayed until after the August congressional break, according to Rep. Maxine Waters (D-Calif.), the chairwoman of the House Financial Services Committee.
“Although the Ranking Member [Patrick McHenry], Secretary [Janet] Yellen and I have made considerable progress towards an agreement on the legislation, we are unfortunately not there yet, and will therefore continue our negotiations over the August recess,” Waters said in a statement. “I look forward to coming to an agreement in the near future and marking up bipartisan legislation when we return.”
The bipartisan effort, in which the panel’s top Republican, Rep. McHenry (R-N.C.) has also had a leading role, was already delayed this week after Treasury Secretary Yellen insisted that the legislation include further protections for crypto investors, people familiar with the negotiations have said.
The Treasury Department won’t endorse the bill unless it also ensures the industry exchanges keep their money separate from the companies’ assets, which would protect them if the firms fail, the people said.