Market turmoil resulting from Silicon Valley Bank's collapse briefly caused Circle's USDC (USDC-USD) stablecoin to break its peg to the dollar. In response, the stablecoin issuer's management team has called upon the U.S. congress to urgently pass stablecoin legislation. In an interview with Yahoo Finance's Jennifer Schonberger, House Committee on Financial Services Chair Rep. Maxine Waters (D-CA), says the legislation could be passed in just a few days, hinting that the delay was due to concerns over which political party would be in control of the House of Representatives."The only thing that interfered, I think, with its passage was the anticipation that the house was going to change and it was going to be in the hands of the Republicans and they should take charge rather than those of us on the Democratic side," said Ranking Member Waters. Rep. Waters declined to give a timetable for the legislation, though she did reaffirm that she and Rep. Patrick McHenry (R-NC), are focused on stablecoin legislation and have bipartisan support to get it done. Key video Moments: 00:01:00 Bank stock sales and management bonuses 00:03:30 Republican bank deregulation 00:07:30 Stablecoin legislation Watch our full conversation with Rep. Maxine Waters here.
Cryptocurrency prices have soared in the wake of the collapse of California-based Silicon Valley Bank.
Stablecoin issuer Circle is calling on Congress to quickly push through regulations after the firm's USDC broke its peg to the dollar over the weekend amid uncertainty on its deposits parked at Silicon Valley Bank.