Democrat Maksin Waters criticized the launch of PayPal USD stablecoin – Bits Media

Member of the House of Representatives for Financial Services Maksin Waters, belonging to the Democratic Party, fears, that the launch of Stablecoin with the PayPal payment company will subject users with great risks.

Maxin Uothers (Maxine Waters) stated, that she is deep I am concerned about the launch of PayPal USD (PYUSD) without normative-legal base, which should ensure supervision of cryptocurrencies and protect investors. The PayPal payment system has announced the launch of PyUSD 7 August, specified, that stablecoin will be released by Paxos Trust. He will be provided with deposits in US dollars, short -term treasury bonds of the United States and similar cash equivalents.

“Without official legislation, establishing clear rules for the protection of consumer rights at the federal level, Users can suffer at the hands of attackers. Stebblecoins are a new form of money, Therefore, there must be some kind of framework for them ", Waters said.

She also criticized the bill on the regulation of stablecoins, represented by American lawmakers last month. According to Waters, This draft law will do more harm to consumers, What will protect them, since it will not allow the federal reserve system (FRS) The United States to control and ensure compliance with any federal standards.

The launch of PyUSD suggests the failed launch of Libra Stablecoin from Meta Platforms Inc., which was later renamed Diem. Waters was one of the most ardent opponents of this project, Celebrating the technological giant to stop developing DIEM due to potential risks for the international economy. In connection with the counteraction of the regulators, Diem Association refused to launch stablecoin.

Earlier, Maxine Waters (Maxine Waters) called the current US president Joe Biden (Joe Biden) prohibit banks to store crypto assets and security for stablecoins.