House Financial Services Committee Chair Patrick T. McHenry, R-N.C., has emphasized the importance of passing legislation to regulate stablecoins in response to PayPal's announcement of its own stablecoin. McHenry believes that stablecoins have the potential to be a key component of the 21st century payments system if they are issued under a clear regulatory framework. The House Financial Services Committee has already advanced a regulatory framework for payment stablecoins called the Clarity for Payment Stablecoins Act, which aims to protect consumers while fostering innovation in the U.S. However, some Democrats have expressed concerns that companies like Amazon and Facebook could issue their own digital currencies under the current bill.