PANews reported on April 2 that according to Beincrypto, French Hill, chairman of the U.S. House Financial Services Committee, rejected a proposal to allow stablecoins to pay interest, even though Coinbase CEO Brian Armstrong publicly called for support for the policy yesterday. As the main promoter of stablecoin regulation, Hill told reporters today: "While I understand this point of view, the two parties in Congress have not yet reached a consensus on the payment of interest to holders of dollar-collateralized payment stablecoins." The crypto industry had seen this Republican congressman's appointment as chairman of the Financial Services Committee as a major victory.

Given that Armstrong only publicly made this call yesterday, it is remarkable that Hill rejected his vision for stablecoins so quickly. Obviously, Armstrong's political influence has been rising, he played a prominent role in Trump's cryptocurrency summit, and the US SEC also dropped its lawsuit against Coinbase. This is an important fact that the US cryptocurrency industry needs to realize: no matter how fast its influence grows, it is still a new thing for most people.