In a big step for the cryptocurrency world, Maxine Waters, a leading Democrat in the House of Representatives, said the last version of the stablecoin law might be ready for discussion soon.

Waters, who heads the House Financial Services Committee, sounded positive about the progress made in crafting legislation to regulate stablecoins.

"We're making good progress towards having a stablecoin law soon," Waters remarked, hinting at a breakthrough in efforts to oversee stablecoins.

The announcement follows Waters' previous critique of one version of the stablecoin law, which she described as "seriously concerning and not beneficial for America."

Highlighting the importance of safeguarding investors and ensuring stablecoin backing, Waters stressed the need for strong regulations to protect consumers and maintain financial system stability.

"Our goal is to protect investors and people. We must ensure there are enough assets backing stablecoins," she emphasized in an interview with Bloomberg.

The possibility of advancing stablecoin legislation before the upcoming election has gained momentum, despite earlier doubts.

In recent weeks, discussions in Congress have intensified as input from influential parties like the Federal Reserve, the Treasury Department, and the White House shapes the bill's framework.

In conclusion, the final stages of crafting a stablecoin law in the US are underway, with Maxine Waters expressing optimism about its progress. With investor protection and asset backing in focus, the aim is to ensure stability and safeguard consumer interests in the cryptocurrency realm.