Published on August 10, 2023 01:00 GMT+00:00edited on August 10, 2023 01:04 GMT+00:00

Democratic U.S. Congresswoman and House Financial Services Committee Ranking Member Maxine Waters criticized PayPal’s stablecoin on Aug. 9.

Waters said in a statement:

“I am deeply concerned that PayPal has chosen to launch its own stablecoin while there is still no Federal framework for regulation, oversight, and enforcement of these assets.”

She added that Federal oversight and enforcement against PayPal’s stablecoin is necessary to protect users and guard against financial stability concerns. Waters added that consumers are at risk if there is no legislation to protect them, emphasizing that stablecoins “represent the issuance of a new form of money.”

Waters’ demand for regulation was in part based on PayPal’s massive reach. She noted that PayPal has 435 million customers …