It’s been revealed that the US House is delaying the consideration of stablecoin bill, according to sources. Check out the new reports coming from the Reuters press agency.
Stablecoin bill is reportedly delayed
Reuters notes in an official post on their website that the key regulatory panel will delay consideration of a broad stablecoin regulation bill for several weeks amid banking industry pushback and late tweaks to certain provisions, according to sources familiar with the matter.
“Compromise legislation being drafted by Democratic and Republican leaders of the U.S. House Financial Services Committee likely will not be considered by the panel until September.”
This is a part of some efforts to advance the measure before the month-long August congressional break faltered.
It’s been also reported that part of the delay is due to changes sought by the U.S. Treasury Department, which generally supports the bill but wanted stricter consumer protections tied to wallets where people would hold their digital assets, according to one source familiar with the matter.
It’s also worth noting the fact that at the same time, banks were wary of Congress rapidly proceeding on a bill of such a technical nature.
This is happening as lawmakers attempt to place guardrails around the largely unregulated and rapidly developing crypto industry.
Check out the original post by Reuters in order to learn all the available data.
Analyst issues new crypto warning
In other news, a crypto strategist who accurately called the 2018 bear market bottom for Bitcoin (BTC) is issuing a fresh warning for the king crypto.
Pseudonymous analyst Smart Contracter has recently said that Bitcoin’s rally to around $24,000 last week now appears to be a trap set for BTC bulls.
“BTC back into last week’s breakout range indicating it was a bearish fakeout, closing this thread off now and will buy any new lows.”