Stablecoin Bill Advances

This is a Arkansas news story, published by MSN, that relates primarily to Wilmarth news.

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stablecoin bill

Time Magazine

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Technology

How Crypto Bills Could Hand Big Tech the Keys to Banking

Summary

Nutrition label

80% Informative

Stablecoin legislation has received bipartisan support but has faced targeted pushback from Democrats concerned about systemic risks and conflict of interest.

Critics say it could open the door for Big Tech players like Meta , X, and Amazon to create their own privatized forms of money.

The House and Senate will now have the opportunity to reconcile the two bills.

Co-writer French Hill, a Republican from Arkansas and the House Financial Services Committee Chair , said that he hoped Congress could work out a “thoughtful solution” to Waters’ concerns while considering a larger crypto market structure bill. The amendment was then rejected. “I view this stablecoin legislation as presenting a very dangerous opening for big tech to get into banking in a big way,” Wilmarth says. “Once that happens, I think it will be almost impossible to ever close the door again.”.

VR Score

Informative language

Neutral language

Article tone

formal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful