Waters Criticizes SEC’s Crypto Rules, Calls for Year-End Stablecoin Bill

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In the ongoing development to regulate stablecoin issuers, on September 24, 2024, United States Representative Maxine Waters, the House Financial Services Committee, urged the Securities and Exchange Commission to finalize the bill by the end of this year.

Additionally, Waters noted to the committee’s chairman Patrick McHenry, “I want us to strike a grand bargain on stablecoins and other long overdue bills.” She also added, “I strongly believe we can reach a deal that prioritizes strong protections for our nation’s consumers and strong federal oversight.”

Waters and McHenry have been working together on this bill for stablecoin regulation. Waters stated, “We’re running out of time to pass this.” With McHenry is retiring soon, they want this bill to be finalized by the end of this year to ensure the law protects people who use stablecoins. Meanwhile, the SEC has been overly strict regarding crypto regulation.

During the meeting, McHenry stated that SEC’s chairman Gary Gensler is confusing everyone with his unclear rules and regulations. He noted, “Under Chair Gensler, the SEC has become a rogue agency.”

Following this, the Republican Commissioner Hester Peirce agreed that the SEC hasn’t made the rules clear enough. Peirce stated, “We’re trying to be ambiguous because the legal precision carries with it real implications.” She also believes that the SEC is doing this intentionally, making it difficult for institutions and firms involved in crypto to understand how to comply with the rules.