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Members of the House Financial Services Committee heard from crypto and banking executives on the state of payment stablecoins this morning. 

Lawmakers have a few bills to consider: the STABLE Act, Rep. Tom Emmer’s anti-CBDC bill, and the CRA seeking to overturn the CFPB’s new rule that would expand federal supervision over wallet and payment providers. 

The hearing comes as the industry continues to quarrel over what stablecoin regulation should look like in the US. In the Senate, the latest discussion draft of the GENIUS Act sets reserve and anti-money laundering requirements…

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