{"id":179703,"date":"2023-08-07T17:39:29","date_gmt":"2023-08-07T17:39:29","guid":{"rendered":"https:\/\/precoinnews.com\/?p=179703"},"modified":"2023-08-07T17:39:29","modified_gmt":"2023-08-07T17:39:29","slug":"mchenrys-call-for-stablecoin-regulation-gains-momentum-amid-paypals-entry-coinpedia-fintech-news","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/mchenrys-call-for-stablecoin-regulation-gains-momentum-amid-paypals-entry-coinpedia-fintech-news\/","title":{"rendered":"McHenry&#039;s Call for Stablecoin Regulation Gains Momentum Amid PayPal&#039;s Entry &#8211; Coinpedia Fintech News"},"content":{"rendered":"<ul>\n<li>\n<p><span>U.S. Representative Patrick McHenry has been advocating for stablecoin regulation for a while. Recent events, including the passing of the Clarity for Payment Stablecoins Act and PayPal&#8217;s stablecoin launch, have reinforced his call for a clear regulatory framework to ensure stablecoins&#8217; potential is harnessed.<\/span><\/p>\n<\/li>\n<li>\n<p><span>PayPal has introduced its own stablecoin, PYUSD, pegged to the U.S. dollar. It&#8217;s backed by Paxos Trust and can be exchanged for dollars or other cryptocurrencies within PayPal&#8217;s network, marking a significant step in mainstream financial entities entering the stablecoin market.<\/span><\/p>\n<\/li>\n<\/ul>\n<p>Last month, the bipartisan approval of the Clarity for Payment Stablecoins Act, H.R. 4766, marked a significant stride in U.S. cryptocurrency regulation.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20770%2090'%3E%3C\/svg%3E\" alt=\"first-banner-ad\" width=\"770\" height=\"90\" data-lazy-src=\"https:\/\/image.coinpedia.org\/wp-content\/uploads\/2023\/08\/01161751\/Banner.webp\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/image.coinpedia.org\/wp-content\/uploads\/2023\/08\/01161751\/Banner.webp\" alt=\"first-banner-ad\" width=\"770\" height=\"90\"><\/p>\n<p>However, the bill&#8217;s subsequent stall in Congress disappointed U.S. Representative Patrick McHenry (R-N.C.), who has been advocating for stablecoin legislation even before assuming control of the House financial services committee.<\/p>\n<p>Recent developments, such as PayPal&#8217;s introduction of its own stablecoin for payments, have reinvigorated McHenry&#8217;s push for a comprehensive regulatory framework for stablecoins.<\/p>\n<h2><strong>Championing Stablecoin Potential: McHenry&#8217;s Call for Regulation<\/strong><\/h2>\n<p>Patrick McHenry has consistently championed a supportive environment for the cryptocurrency market. He has questioned Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), and expressed concern about Gensler&#8217;s statements on spot Bitcoin ETF filings. McHenry&#8217;s latest focus has been on stablecoins, as he believes they hold great promise for modernizing the payments landscape.<\/p>\n<p>McHenry emphasizes, &#8220;Stablecoins hold promise as a pillar of our 21st century payments system if issued under a clear regulatory framework.&#8221;<\/p>\n<p>Addressing the urgency for stablecoin regulations, McHenry stresses, &#8220;Comprehensive digital asset regulation, especially for stablecoins, is crucial. Clear regulations and robust consumer protections are essential for them to reach their full potential.&#8221;<\/p>\n<h2><strong>PayPal&#8217;s Entry into Stablecoin Realm<\/strong><\/h2>\n<p>In a groundbreaking move, PayPal has entered the stablecoin market by introducing its Ethereum-based token, PYUSD. This U.S. dollar-pegged stablecoin is accessible to U.S. PayPal users, marking the first instance of a major financial entity launching its own stablecoin.<\/p>\n<p>PYUSD is backed by Paxos Trust, a New York-based crypto financial services firm. The stablecoin&#8217;s value is supported by U.S. dollar deposits, short-term Treasuries, and similar cash equivalents.<\/p>\n<p>Within PayPal&#8217;s network, PYUSD can be seamlessly exchanged for dollars and converted into other cryptocurrencies like bitcoin, bitcoin cash, ether, and litecoin.<\/p>\n<p>With these recent developments and McHenry&#8217;s unwavering advocacy, the push for stablecoin regulation gains momentum, underscoring the need for a clear and encompassing regulatory framework in the cryptocurrency landscape<\/p>\n<p>Source: <a href=\"https:\/\/coinpedia.org\/news\/https:\/\/coinpedia.org\/news\/mchenrys-call-for-stablecoin-regulation-gains-momentum-amid-paypals-entry\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. Representative Patrick McHenry has been advocating<\/p>\n","protected":false},"author":3,"featured_media":179702,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>McHenry&#039;s Call for Stablecoin Regulation Gains Momentum Amid PayPal&#039;s Entry - Coinpedia Fintech News - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/mchenrys-call-for-stablecoin-regulation-gains-momentum-amid-paypals-entry-coinpedia-fintech-news\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"McHenry&#039;s Call for Stablecoin Regulation Gains Momentum Amid PayPal&#039;s Entry - Coinpedia Fintech News - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"U.S. Representative Patrick McHenry has been advocating\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/mchenrys-call-for-stablecoin-regulation-gains-momentum-amid-paypals-entry-coinpedia-fintech-news\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-07T17:39:29+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/08\/McHenry039s-Call-for-Stablecoin-Regulation-Gains-Momentum-Amid-PayPal039s-Entry-Coinpedia-Fintech-News.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/mchenrys-call-for-stablecoin-regulation-gains-momentum-amid-paypals-entry-coinpedia-fintech-news\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/mchenrys-call-for-stablecoin-regulation-gains-momentum-amid-paypals-entry-coinpedia-fintech-news\/\",\"name\":\"McHenry&#039;s Call for Stablecoin Regulation Gains Momentum Amid PayPal&#039;s Entry - Coinpedia Fintech News - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2023-08-07T17:39:29+00:00\",\"dateModified\":\"2023-08-07T17:39:29+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/crypto\/mchenrys-call-for-stablecoin-regulation-gains-momentum-amid-paypals-entry-coinpedia-fintech-news\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/crypto\/mchenrys-call-for-stablecoin-regulation-gains-momentum-amid-paypals-entry-coinpedia-fintech-news\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/mchenrys-call-for-stablecoin-regulation-gains-momentum-amid-paypals-entry-coinpedia-fintech-news\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crypto\",\"item\":\"https:\/\/precoinnews.com\/category\/crypto\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"McHenry&#039;s Call for Stablecoin Regulation Gains Momentum Amid PayPal&#039;s Entry &#8211; 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