Crypto-Skeptic Sen. Sherrod Brown Is Open to Advancing Stablecoin Legislation, Bloomberg Reports

According to Bloomberg, Brown expressed reservations about the proposed stablecoin law, stating that these issues needed to be addressed first for him to wholeheartedly support it.

For decades, Congress has found it challenging to pass new laws concerning cryptocurrencies, with calls for more clarity coming from both skeptics and supporters of digital currencies. Among the proposed legislations, stablecoins could potentially be the easiest to address due to their similarities to existing regulated assets such as money-market funds. Additionally, given that they hold significant conventional assets like U.S. Treasuries, there is a strong motivation to establish regulations and safeguards.

Support from Democratic Senator Brown, who has reportedly expressed tentative approval for advancing legislation, could be a significant indicator of progress being made. Given that his party holds the majority in the U.S. Senate and sets legislative agendas, this development is noteworthy. In contrast, Republican House member Patrick McHenry (R-N.C.), who is retiring soon, remains hopeful that a new law for stablecoins will be passed in the United States this year.