Dems give Fed ‘veto power’ over crypto bills, Rep. Ritchie Torres says. ‘I cannot for the life of me understand why we should give veto power to regulators over bipartisan regulation and compromise,’ Torres said

Source: https://www.marketwatch.com/story/dems-give-fed-veto-power-over-crypto-bills-rep-torres-says-d2d1d719

Highlights:

• Both Democrats and Republicans agree on the need for stablecoin legislation.
• Rep. Ritchie Torres claims his party’s strong alignment with the White House and financial regulators has hampered reaching a compromise.
• Negotiations on the House Financial Services Committee's stablecoin bill, which intended to set minimum standards for stablecoins, broke down.
• Torres said Federal Reserve Vice Chair Michael Barr influenced Democrats to oppose the bill, fearing it would give too much power to state regulators.
• Rep. Patrick McHenry blamed the White House for stalling the compromise.
• Rep. Maxine Waters led opposition to the bill, stating concerns about commercial entities, like Amazon or Facebook, being involved in stablecoin issuance.
• Without bipartisan support, the bill is unlikely to progress in the Senate.

TLDRS:

• Dems give Fed ‘veto power’ over crypto bills according to Rep. Ritchie Torres
• Rep. Ritchie Torres claims his party’s strong alignment with the White House and financial regulators has hampered reaching a compromise.
• Negotiations on the House Financial Services Committee's stablecoin bill, which intended to set minimum standards for stablecoins, broke down.
• Torres said Federal Reserve Vice Chair Michael Barr influenced Democrats to oppose the bill, fearing it would give too much power to state regulators.
• The Fed wants the last say for CBDC?

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