Odaily News: The U.S. House Financial Services Committee has passed the Clarity for Payment Stablecoins Act of 2023, the Keep Your Coins Act of 2023, and five other financial-related bills. These bills aim to regulate the issuance of payment stablecoins and ensure that cryptocurrency users are allowed to store their assets in self-hosted wallets.



According to previous reports, U.S. House members failed to reach a bipartisan agreement on cryptocurrency legislation. Patrick McHenry, the chair of the Financial Services Committee, accused the White House of refusing to compromise, while the committee's top Democrat stated that it was McHenry who halted negotiations.



Democratic Representative Maxine Waters believes that this legislation has serious issues and is detrimental to the United States. The proposed bill plans to establish 58 different licenses for competition, allowing issuers to hold multiple assets as reserves, and allowing large companies like Meta or Walmart to issue currency. Waters stated that neither the Federal Reserve nor the U.S. Treasury supports the current proposal.