Congresswoman Waters 'deeply concerned' about PayPal's stablecoin launch

FILE PHOTO: Representative Maxine Waters (D-CA) walks in the chamber of the U.S. House of Representatives ahead of President Joe Biden's first State of the Union Address in the U.S. Capitol in Washington, DC, U.S, March 1, 2022. Sarahbeth Maney/Pool via REUTERS

(Reuters) - Democrat Congresswoman Maxine Waters said on Wednesday she was "deeply concerned" about payment giant PayPal launching its own stablecoin in the absence of a federal framework to regulate digital assets.

Earlier this week, PayPal became the first major financial technology firm to embrace digital currencies for payments and transfers with the launch of a U.S. dollar stablecoin, dubbed PayPal USD.