Waters Criticizes SEC’s Crypto Rules, Calls for Year-End Stablecoin Bill
On September 24, 2024, an ongoing development to regulate statecoin issuers, US Representative Maxine Waters urged the Security and Exchange Commission to finalize the bill by the end of this year.
Additionally, Waters told committee chairman Patrick McHenry, “I want us to have a big deal on stablecoins and other long-overdue bills. “I strongly believe we can reach an agreement that provides strong protections and strong federal oversight for our nation's consumers,” she added.
Waters and McHenry have been working together on this bill for stablecoin regulation. “We're running out of time to get through this,” Waters said. McHenry is retiring soon, and wants this bill completed by the end of this year to ensure that the law protects people who use stablecoins. Meanwhile, the SEC is overly strict about crypto regulation.
During the meeting, McHenry said SEC Chairman Gary Gensler was confusing everyone with unclear rules and regulations. “Under Chairman Gensler, the SEC has become a rogue agency,” he said.
In the aftermath, Republican Commissioner Hester Peirce agreed that the SEC had not made the rules clear enough. Peirce said, “We're trying to be ambiguous because the correctness of the law goes with the correct implications. She believes that the SEC is doing this on purpose, which makes it difficult for institutions and companies involved in crypto to understand how to comply with the rules.
