Chair of the U.S. House Financial Services Committee Rejects Interest-Bearing Stablecoin Proposal

April 2nd. According to Beincrypto, Chairman French Hill of the House Financial Services Committee has rejected a proposal that would permit stablecoins to pay interest. This comes despite Coinbase CEO Brian Armstrong publicly advocating for this policy just the day before. As a key advocate for stablecoin regulation, Hill informed reporters today, "Although I understand this perspective, there is still no bipartisan consensus within Congress regarding allowing interest payments to holders of USD-backed payment stablecoins." This Republican congressman, who was previously regarded as a major victory for the crypto industry upon his appointment as chairman of the Financial Services Committee, quickly turned down Armstrong's vision for stablecoins shortly after Armstrong's public appeal. Clearly, Armstrong's political influence is on the rise, as evidenced by his prominent role at Trump's cryptocurrency summit and the U.S. SEC's dismissal of the lawsuit against Coinbase. This is an important realization for the U.S. cryptocurrency industry: regardless of how rapidly his influence expands, it remains a novelty to most.