Bloomberg: US House Financial Services Committee expects to review stablecoin legislation draft on April 2nd

According to Bloomberg, the US House Financial Services Committee is expected to review the stablecoin legislation draft on April 2nd. Arkansas President French Hill stated last week that a well regulated stablecoin market would "strengthen the dominance of the US dollar, modernize our payment infrastructure, and promote widespread financial services without excessive government intervention. But critics such as Democratic leader Maxine Waters of the House Committee and Elizabeth Warren of the Senate Banking Committee argue that the bill is insufficient to protect consumers, advocating for a ban on tech companies issuing stablecoins and other reforms. Critics are also concerned that if stablecoins fail, there will be a lack of insurance backing like the Federal Deposit Insurance Corporation (FDIC); And bankers warn that stablecoins may suck up deposits and reduce credit channels.