McHenry Statement on PayPal Announcing Launch of Payment Stablecoin

Statement

"This announcement is a clear signal that stablecoins--if issued under a clear regulatory framework--hold promise as a pillar of our 21st century payments system. Clear regulations and robust consumer protections are essential to enabling stablecoins to achieve their full potential. That's why it's more important than ever that Congress enact legislation to provide comprehensive digital asset regulation, especially for stablecoins. The bipartisan Clarity for Payment Stablecoins Act recognizes the strong role that states have played in regulating digital asset firms and builds on successful state regimes, like New York's. We are currently at a crossroads to keep America at the forefront of digital asset innovation. Congress is making significant, bipartisan progress on legislation to ensure the U.S. leads the financial system of the future. We must finish the job."

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