Democrats Blast Draft Stablecoin Bill in First 2023 Hearing on Issue

Skeptical remarks from key Democrats Wednesday are bringing into question the chances for U.S. stablecoin legislation that the crypto industry has been relying on as the first real oversight effort from Congress.

The House Financial Services Committee held its first hearing on stablecoins in 2023 on Wednesday in connection with a discussion draft bill that was created by Reps. Maxine Waters (D-Calif.) and Patrick McHenry (R-N.C.) last year and that was published over the past weekend. And while Republicans praised the effort that went into the bill, Democrats called it outdated.

Read more: CoinDesk