Rep. Maxine Waters (D-Calif.), the top Democrat on the House Financial Services Committee, suggested during a subcommittee hearing examining stablecoin regulation on Wednesday that lawmakers may need to start stablecoin legislation from scratch, YahooFinance.com reported. Waters, who was previously chair of the full committee and led negotiations with Republicans on stablecoin legislation last year, said the bill doesn't account for issues tied to crypto exchange FTX's failure as well as separate bills Republicans led by now Committee chair Patrick McHenry (R-N.C.) and Democrats came up with last year. "The posted bill in no way, represents the final work on stablecoins by negotiations between the two of us," said Waters during a House Financial Services Subcommittee on Digital Assets hearing. "It does not represent any final product of any kind, and so I think we're starting from scratch to deal with stablecoins. We must get a stablecoin bill. I think we can do that, but disregard the bill that has been posted altogether."
