TechFlow reports, citing The Block, that Maxine Waters, Chair of the U.S. House Committee on Financial Services, expressed serious concerns over PayPal's launch of a stablecoin. "PayPal has 435 million customers globally, more than the combined total of all major banks' online accounts. Given PayPal's size and influence, federal oversight and enforcement of its stablecoin operations are critical to ensuring consumer protection and addressing financial stability risks." Additionally, Maxine Waters stated that the stablecoin bill introduced last month is "toxic and problematic, and will harm consumers."
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