A Long-Awaited Stablecoin Bill Clears House Committee, Lamented by Chair of House Financial Services Committee
The U.S. House Financial Services Committee has advanced stablecoin legislation, despite a lack of bipartisan support. Chair Patrick McHenry blamed objections from the White House for the stalemate. The legislation will now move to the House of Representatives for wider consideration. The battle between McHenry and top Democrat Maxine Waters disrupted progress on stablecoin regulations. The bill’s approval comes after lawmakers advanced three other crypto-related bills to a vote in the House of Representatives. However, the bill’s chances of becoming law are uncertain as it must also gain support in the Democrat-led Senate. Waters criticized the bill, calling it “deeply problematic and bad for America.”
Main Breakdowns:
- Stablecoin legislation advances without bipartisan support in the U.S. House Financial Services Committee.
- Chair Patrick McHenry blames the White House for the lack of compromise.
- Lawmakers previously advanced three other crypto-related bills to a House vote.
- The bill’s chances of becoming law are uncertain as it must also gain support in the Democrat-led Senate.
- Top Democrat Maxine Waters criticizes the bill, calling it “deeply problematic and bad for America.”
Hot Take:
The advancement of stablecoin legislation without bipartisan support raises questions about its potential success in becoming law. The disagreement between Chair Patrick McHenry and top Democrat Maxine Waters highlights the challenges of regulating stablecoins. While progress has been made, further negotiations and compromise are necessary to address concerns and create effective regulations. The bill’s fate in the Senate remains uncertain, and it will be interesting to see how it evolves as it moves through the legislative process.
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