- Paul Grewal shared his remarks on the Democrats’ and Republicans’ support for the Clarity for Payments Stablecoin Act.
- Coinbase lawyer commented that “Rs and Ds” could do good things while focusing on the American people.
- Grewal acknowledged their votes as an important vote on an important protection for US investors.
Paul Grewal, the Chief Legal Officer at the popular crypto exchange Coinbase, recently sent forth a remark on the approval of the regulatory framework for payment stablecoins, the Clarity for Payments Stablecoin Act. The Coinbase attorney commented that the Democrats and the Republicans could do “good things” while focusing on the Americans, reflecting on the votes and support showered by both parties.
The House Financial Services Committee passed the Clarity for Payments Stablecoin Act, with a 34-19 vote, marking the second landmark crypto bill, as proclaimed by the committee on July 28. The other remarkable crypto-focused bill acknowledged was the Keep Your Coins Act, intended to ensure crypto customers the custody of their digital assets in self-hosted wallets.
As per the committee’s statement, the Clarity for Payments Stablecoin Act, introduced by Chairman Patrick McHenry, protects consumers by establishing necessary federal guardrails, while at the same time fostering innovation in the U.S. through a tailored approach for new entrants into the marketplace.
The community widely celebrates the seminal turn in the crypto space as Coinbase Chief Policy Officer Faryar Shirzad hailed the week that viewed the groundbreaking developments as a “historic week.” He appreciated the Chair for his efforts, commenting, “Yet more congratulations to Patrick McHenry for getting the Clarity for Payment Stablecoins Act across the line bipartisan support.” McHenry asserted his confidence in the regulatory framework, stating:
I have confidence that it accomplishes our shared goal — to provide a clear regulatory framework for the issuance of payment stablecoins — and believe it deserves bipartisan support.
Meanwhile, Grewal honored the new development in the industry as a move toward the security of the US crypto investors. He also painted the supporting votes of the Democrats and the Republicans as “an important vote on an important protection for US investors.”
Earlier in January 2023, the US House of Representatives established a congressional subcommittee destined to look forward to cryptocurrencies, introducing new rules for crypto regulation and ensuring investors’ security and convenience. McHenry revealed that the committee would also focus on the development of the crypto industry, encouraging its diversity.
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