U.S. Congressman Voices Concerns about Paypal’s Stablecoin
Rep. Maxine Waters raises concerns over PayPal's new digital coin, PYUSD, Calling for U.S. government oversight. Others see its potential with proper rules.
Rep. Maxine Waters expressed concern about PayPal launching its own digital coin called PYUSD. She thinks there should be proper rules and checks by the U.S. government first.
PayPal's new coin started on Monday, making it the first big payments company to have such a coin. Waters highlighted that PayPal has a lot of users, more than many big banks.
She believes that due to PayPal's large size, it's important for the U.S. government to keep a close eye on this new coin. This is to protect consumers and make sure the financial system is stable.
Waters also spoke against a bill from the Republican party. She said this bill would allow coins like PYUSD but stop the U.S. central bank from checking them. This might be a risk to the economy and jobs.
On the other hand, Rep. Patrick McHenry supported PayPal's coin. He believes that such coins can be good for the future if there are clear rules.
