US Lawmakers Continue Their Push for Stablecoin Reform

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The push for regulation of stablecoins in the US Congress is gaining more strength. On Thursday, top representatives from the House Financial Services Committee held talks with Senate Majority Leader Chuck Schumer about advancing this cause.

Based on an early account from Punchbowl News, the encounter transpired in Schumer’s office not long after the Japanese prime minister spoke to Congress together.

Patrick McHenry and Maxine Waters Keen on Stablecoin Reform

Reps. Patrick McHenry (R-N.C.) and Maxine Waters (D-Calif.) have been steadfast in their quest to get the committee’s stablecoin bill approved as law. Their persistent efforts significantly contributed to the bill’s passage at the House committee level, with bipartisan support. However, since then, little headway has been made, casting doubt on the possibility of the bill becoming law this year.

Initially, securing a floor vote in a House marked by internal disputes, particularly among leading Republicans, presents a significant challenge. Moreover, the Senate Banking Committee has yet to express any backing or show enthusiasm for this proposal.

In spite of the challenges they might face, McHenry and Waters are determined not to throw in the towel. According to our sources, they plan to attach their stablecoin legislation to a crucial piece of legislation that must be passed, such as the Federal Aviation Administration (FAA) budget bill.

McHenry strongly desires to see Biden sign stablecoin legislation passed by his committee before he leaves Congress this year. The involvement of Schumer brings new optimism that regulations for stablecoin issuers could soon become a reality.

At the time of writing, McHenry and Waters have not responded to our requests for their comments.

Call for Cooperation

Simultaneously, Senate Majority Leader Chuck Schumer’s meeting serves as a warning bell and motivation for legislators globally. They are incentivized to intensify their work on stabilizing the crypto market through reforms.

Despite the ongoing controversy over how to regulate stablecoins, the future prosperity of this innovative digital economy hinges on lawmakers’ ability and willingness to clarify regulatory issues.

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2024-04-12 12:15