U.S. House Committee to Review Stablecoin Legislation Amid Concerns

According to PANews, the U.S. House Financial Services Committee is set to review a stablecoin legislative proposal on April 2, 2025. French Hill, the chairman from Arkansas, emphasized that a well-regulated stablecoin market could bolster the dollar's dominance, modernize payment infrastructure, and expand financial services without excessive government intervention. However, Democratic leaders like Maxine Waters and Elizabeth Warren have criticized the bill, arguing it lacks sufficient consumer protection measures. They advocate for prohibiting tech companies from issuing stablecoins and implementing further reforms. Critics also express concerns about the absence of insurance similar to the Federal Deposit Insurance Corporation (FDIC) if stablecoins fail, while bankers warn that stablecoins might divert deposits and reduce credit availability.