Waters, Hill stablecoin talk doesn’t go so well

The top two lawmakers on the House Financial Services Committee convened today to talk about stablecoin legislation ahead of a markup scheduled for next week. The meeting does not appear to have gone well.

Rep. Maxine Waters (D-Calif.) told Chair French Hill (R-Ark.) today that, to gain her support, stablecoin legislation would need to have language barring President Donald Trump and far-right billionaire Elon Musk from owning a stablecoin company, per a Democratic aide.