Representatives Patrick McHenry (R-NC) and Maxine Waters (D-CA), the respective Chair and Ranking Member of the House Financial Services Committee, have been negotiating legislation to regulate the issuance and oversight of payment stablecoins. The following slides compare the latest versions of Rep. McHenry’s and Rep. Waters’ legislative proposals in advance of a potential July markup and committee vote on stablecoin legislation.

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Law clerk Natasha Vasan contributed to this update.

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