Representative French Hill, who chairs the Committee of the Chamber of Financial Services, rejected requests to approve the stables -to -interest. CEO of Coinbase, Brian Armstrong, made a public call for support yesterday.
Hill was a vocal supporter of the new Stablecoin regulations, and the cryptography industry counted his appointment of the victory committee.
The French hill rejects the stablescoins carrying interest
If there is a subject that is an absolute priority for American cryptography policy, it would be Stablecoin regulations. The significant momentum is based behind pro-industrial regulations, and President Trump said that Stablecoins will play a role in the domination of the dollar. However, the representative French Hill has rejected a request, claiming that he is opposed to the stablecoins with interest:
“I hear the point of view, but I don’t think there is a consensus among the parts or the houses [of Congress] By having a payment supported by a dollar, a stablecoin paid interest to the holder of this stablecoin, “said Hill to journalists earlier in the day.
Although Hill described this position on stablecoins as a common sense point of view, he represents a limit to the political influence of cryptographic industry. When Hill was chosen to lead the Committee for the Chamber of Financial Services, Crypto took it as a great victory. In addition, it was a visible presence in the fight for the regulation of stablescoin. So what is the problem?
Essentially, the CEO of Coinbase, Brian Armstrong, called on Hill and other legislators concerning stablecoins with interest. Yesterday, Armstrong described this “win-win” policy and a huge opportunity to help consumers and the economy.
“The legislation on the United States should allow consumers to arouse interest in the floors.
Since Armstrong launched this public call yesterday, it is remarkable that Hill rejected his vision of stablecoins so quickly. In appearance, Armstrong’s political influence was on the rise, because it played a leading role in the summit of Trump’s cryptography, and the SEC has abandoned its pursuit against Coinbase.
This is an important fact for the American cryptography industry: regardless of the speed with which its influence is developing, it is still very new for most people. Earlier this year, a series of Bitcoin reserve proposals at the state level failed in the states controlled by the Republican. President Trump can support Crypto, but his supporters have limits.
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