Coin World reported that the House of Representatives Financial Services Committee held its first hearing on stablecoins in 2023 on Wednesday, mainly discussing and exchanging opinions on the relevant draft drafted by Representatives Maxine Waters and Patrick McHenry last year. While Republicans praised lawmakers' efforts on the bill, Democrats called it outdated in their opening remarks. Waters said: This bill is a joint effort of ours, but negotiations on its terms are still not complete. Unfortunately, a lot of things have happened in the period between last fall and now, such as the collapse of the cryptocurrency trading platform FTX . I'm a little surprised that McHenry said that his side of the assemblyman proposed a brand new bill