The top Democrat on the U.S. House Financial Services Committee, Maxine Waters, has stated that a stablecoin bill may be ready soon, indicating progress towards a new stablecoin law in the U.S. before the elections. Waters has previously criticized a version of the stablecoin bill, but emphasized the importance of protecting investors and ensuring that stablecoins are backed by assets. Congressional movement on stablecoin legislation has recently picked up pace, with input from the U.S. Federal Reserve, Treasury Department, and White House in crafting the bill. The stablecoin bill could potentially be tied to a must-pass Federal Aviation Administration reauthorization due next month, and may also be paired with a marijuana banking bill.