{"id":27902,"date":"2023-08-08T10:52:46","date_gmt":"2023-08-08T14:52:46","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=27902"},"modified":"2023-08-08T10:52:46","modified_gmt":"2023-08-08T14:52:46","slug":"paypals-pyusd-launch-triggers-calls-for-stablecoin-bill","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/08\/paypals-pyusd-launch-triggers-calls-for-stablecoin-bill\/","title":{"rendered":"PayPal\u2019s PYUSD Launch Triggers Calls For Stablecoin Bill"},"content":{"rendered":"

United States Republican Patrick T. McHenry, Chair of the House Financial Services Committee, has released a statement<\/a> calling for the need to pass the Stablecoin Bill in the wake of PayPal\u2019s launch of its own stablecoin PYUSD.\u00a0<\/p>\n

The Call For A Stablecoin Law<\/h2>\n

According to the statement, McHenry believes stablecoins are the \u201cpillar of our 21st-century payments system.\u201d However, they must be regulated to reach their full potential.\u00a0<\/p>\n

\u00a0Part of the statement read:<\/p>\n

This announcement [Paypal\u2019s PYUSD Launch] is a clear signal that stablecoins\u2014if issued under a clear regulatory framework\u2014hold promise as a pillar of our 21st century payments system,\u201d said Chairman McHenry. \u201cClear regulations and robust consumer protections are essential to enabling stablecoins to achieve their full potential. That\u2019s why it\u2019s more important than ever that Congress enact legislation to provide comprehensive digital asset regulation, especially for stablecoins.\u201d<\/p>\n

McHenry also recognizes the role of Congress in providing regulatory certainty to the crypto industry and the need to enact these laws that can keep the US at the \u201cforefront of digital innovation.\u201d<\/p>\n

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\u2019s. 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.<\/p>\n

The bipartisan Clarity for Payment Stablecoins Act, which was advanced by the House Financial Services Committee last month, is a legislative framework that seeks to regulate payment stablecoins. Many will be hoping that this bill could spearhead the passing of other crypto-related bills.\u00a0<\/p>\n

PayPal Continues Journey Into Web3<\/h2>\n

On August 7, payment platform PayPal announced<\/a> the launch of its dollar-backed stablecoin, PayPal (PYUSD), in collaboration with Paxos (Paxos also happens to be the issuer of Binance\u2019s BUSD). This is part of Paypal\u2019s efforts to increase its Web3 offerings as the company believes that fully-backed, regulated stablecoins can transform payments in the Web3 space.<\/p>\n

\u201cThe shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar,\u201d said Paypal\u2019s President and CEO Dan Schulman. \u201cOur commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.\u201d<\/p>\n

This isn\u2019t Paypal\u2019s first attempt at launching a stablecoin. In 2021, the company explored the possibility of launching a stablecoin but faced a setback following heightened regulatory scrutiny from the US Securities and Exchange Commission (SEC).\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

United States Republican Patrick T. McHenry, Chair of the House Financial Services Committee, has released a statement<\/a> calling for the need to pass the Stablecoin Bill in the wake of PayPal\u2019s launch of its own stablecoin PYUSD.\u00a0<\/p>\n

The Call For A Stablecoin Law<\/h2>\n

According to the statement, McHenry believes stablecoins are the \u201cpillar of our 21st-century payments system.\u201d However, they must be regulated to reach their full potential.\u00a0<\/p>\n

\u00a0Part of the statement read:<\/p>\n

This announcement [Paypal\u2019s PYUSD Launch] is a clear signal that stablecoins\u2014if issued under a clear regulatory framework\u2014hold promise as a pillar of our 21st century payments system,\u201d said Chairman McHenry. \u201cClear regulations and robust consumer protections are essential to enabling stablecoins to achieve their full potential. That\u2019s why it\u2019s more important than ever that Congress enact legislation to provide comprehensive digital asset regulation, especially for stablecoins.\u201d<\/p>\n

McHenry also recognizes the role of Congress in providing regulatory certainty to the crypto industry and the need to enact these laws that can keep the US at the \u201cforefront of digital innovation.\u201d<\/p>\n

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\u2019s. 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.<\/p>\n

The bipartisan Clarity for Payment Stablecoins Act, which was advanced by the House Financial Services Committee last month, is a legislative framework that seeks to regulate payment stablecoins. Many will be hoping that this bill could spearhead the passing of other crypto-related bills.\u00a0<\/p>\n

PayPal Continues Journey Into Web3<\/h2>\n

On August 7, payment platform PayPal announced<\/a> the launch of its dollar-backed stablecoin, PayPal (PYUSD), in collaboration with Paxos (Paxos also happens to be the issuer of Binance\u2019s BUSD). This is part of Paypal\u2019s efforts to increase its Web3 offerings as the company believes that fully-backed, regulated stablecoins can transform payments in the Web3 space.<\/p>\n

\u201cThe shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar,\u201d said Paypal\u2019s President and CEO Dan Schulman. \u201cOur commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.\u201d<\/p>\n

This isn\u2019t Paypal\u2019s first attempt at launching a stablecoin. In 2021, the company explored the possibility of launching a stablecoin but faced a setback following heightened regulatory scrutiny from the US Securities and Exchange Commission (SEC).\u00a0<\/p>\n

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