Top U.S. House Lawmakers Meet on Stablecoin Bill Strategy: Punchbowl

On Thursdays meeting, House Financial Services Committee Chair Patrick McHenry (R-N.C.) and the committee’s top Democrat, Rep. Maxine Waters (D-Calif), discussed legislation with Senator Chuck Schumer (D-N.Y.). They explored the possibility of linking this legislative effort to the renewal of Federal Aviation Administration (FAA) funding. (Source: reported on the site)

At crypto conferences, McHenry has consistently argued that there’s still a chance to pass his panel’s stablecoin bill into law for President Biden to approve, as he mentioned this week. With his retirement from Congress approaching this year, McHenry is making a strong push for this legislation. The goal is to set rules for those creating stablecoins, which help stabilize the trading of more volatile cryptocurrencies.

Last month, Senator Cynthia Lummis (R-Wyo.) revealed that Schumer was open to collaborating with her on passing legislation concerning stablecoins.

Although the bill passed the House committee with bipartisan support, it encounters significant challenges ahead. Obtaining a floor vote in a contentious House, particularly among top Republican members, may prove challenging. Moreover, the Senate Banking Committee has shown no inclination towards adopting the legislation. As a result, the only viable alternative might be to involve intricate legislative negotiations to affix it to an essential bill, such as the FAA funding bill.

McHenry and Waters’ representatives declined to provide comments right away upon being asked about the meeting.

Some cryptocurrency experts in Washington D.C. have privately expressed disappointment that progress on related legislation might not be made during this congressional session. However, recent meetings between Chuck Schumer and Patrick McHenry could rekindle optimism for a possible breakthrough.