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McHenry Statement on PayPal Announcing Launch of Payment Stablecoin
Washington,
August 7, 2023 -
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement after PayPal announced the launch of its payment stablecoin. This follows the House Financial Services Committee passing the bipartisan Clarity for Payment Stablecoins Act, which identifies regulatory paths for approving and regulating stablecoin issuers while ensuring robust protections for consumers through the creation of a uniform federal floor for payment stablecoins.
“This announcement is a clear signal that stablecoins—if issued under a clear regulatory framework—hold promise as a pillar of our 21st century payments system,” said Chairman McHenry. “Clear regulations and robust consumer protections are essential to enabling stablecoins to achieve their full potential. That’s why it’s more important than ever that Congress enact legislation to provide comprehensive digital asset regulation, especially for stablecoins. The bipartisan Clarity for Payment Stablecoins Act recognizes the strong role that states have played in regulating digital asset firms and builds on successful state regimes, like New York’s. We are currently at a crossroads to keep America at the forefront of digital asset innovation. Congress is making significant, bipartisan progress on legislation to ensure the U.S. leads the financial system of the future. We must finish the job.”
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