Democrat Maxine Waters wants changes to be made to stablecoin and cannabis banking

Stablecoin regulation might make strides, which would boost adoption and investor confidence.

Maxine Waters, a Democrat from California, has highlighted the recent successes in stablecoin regulation and cannabis banking initiatives, drawing attention to the areas that could use further development in the near future.

During an appearance on Bloomberg Television’s “Balance of Power,” Waters expressed optimism over a potential agreement between Committee Chairman Patrick McHenry and himself regarding legislation regulating stablecoins. Furthermore, she highlighted her endeavours to advance legislation on marijuana banking, with the goal of resolving persistent challenges encountered by the cannabis sector.

According to Waters, a representative from the Southern California District, talks with McHenry, a North Carolina senator, have been ongoing for almost two years. Waters was confident that the upcoming legislation will receive bipartisan support, even though she acknowledged the need for additional revisions.

She brought up the Federal Reserve, Treasury Department, and White House talks, as well as those with Senate Banking Chairman Sherrod Brown and Senate Majority Leader Chuck Schumer, who were involved in developing the measure.

According to Waters, the main goals of this law are to safeguard investors and maintain stability in the stablecoin ecosystem. Waters is of the belief that stablecoins might have their legitimacy strengthened by the introduction of federal control, which could lead to more acceptance and market confidence.

Waters has voiced her desire to see Senator Brown’s committee’s marijuana banking measure advanced alongside the stablecoin legislation. Despite marijuana’s legalization in some states, the business is still facing problems with cash transactions due to federal regulations that prevent it from using regular banking systems.

It would appear that legislative progress in the areas of stablecoins and marijuana banking is possible in the present political atmosphere. Waters emphasised the need for prompt action, drawing attention to the chance to resolve the cannabis industry’s persistent problems with financial services.

The apparent willingness of Senator Brown to consider merging stablecoin legislation with other legislative initiatives, such as those addressing CEO remuneration at failed lenders, demonstrates a calculated strategy to advance various financial reform measures at once. Simplifying the legislative process and encouraging bipartisan support are two potential outcomes of this strategy.

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