BlockBeats News, April 2nd. According to Beincrypto, French Hill, Chairman of the House Financial Services Committee, has rejected a proposal to allow stablecoins to pay interest, despite Coinbase CEO Brian Armstrong publicly advocating for the policy just yesterday. As a key proponent of stablecoin regulation, Hill told reporters today: "While I understand this viewpoint, there is still no bipartisan consensus in Congress on allowing interest payments to holders of USD-backed payment stablecoins." This Republican congressman, who was previously hailed as a major victory for the crypto industry when appointed as chairman of the Financial Services Committee, swiftly turned down Armstrong's vision for stablecoins so soon after Armstrong's public appeal. Evidently, Armstrong's political influence has been on the rise, with 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: no matter how rapidly his influence grows, it remains a novelty to most.
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