Representative Maxine Waters (D-CA) walks in the chamber of the U.S. House of Representatives ahead of President Joe Biden's first State of the Union Address in the U.S. Capitol in Washington, DC, U.S, March 1, 2022.
Sarahbeth Maney/Pool via REUTERSAug 9 (Reuters) - Democrat Congresswoman Maxine Waters said on Wednesday she was "deeply concerned" about payment giant PayPal (PYPL.O) launching its own stablecoin in the absence of a federal framework to regulate digital assets.
Earlier this week, PayPal became the first major financial technology firm to embrace digital currencies for payments and transfers with the launch of a U.S. dollar stablecoin, dubbed PayPal USD.
"Given PayPal's size and reach, Federal oversight and enforcement of its stablecoin operations is essential in order to guarantee consumer protections and alleviate financial stability concerns," Waters said in a statement.
Similar attempts by other well-known non-crypto companies, including Meta Platforms (META.O), to launch a stablecoin have met fierce opposition from financial regulators and policymakers around the world.
Persons:
Maxine Waters, Joe Biden's, Sarahbeth, Waters, Manya Saini, Shinjini
Organizations:
U.S . House, U.S, Capitol, REUTERS, PayPal, Meta, U.S . House Financial, Thomson
Locations:
Washington , DC, U.S, Bengaluru