The House Financial Services Committee passes regulatory framework for stablecoins
The House Financial Services Committee has passed a comprehensive regulatory framework for stablecoins in the U.S. However, the bill faced opposition and was approved along party lines after long-term bipartisan negotiations broke down.
Key Points:
- The bill was approved by the committee with a vote of 34-16.
- Chair Patrick McHenry blamed the White House for the impasse, while committee Democrats accused Republicans of rushing the process.
- Some Democrats broke ranks and voted in favor of the legislation, joining unanimous Republican support.
- Procedural maneuvers were used by Democrats earlier in the day to slow down proceedings, suggesting a bipartisan compromise was possible.
- A separate measure related to self-custody also advanced but is unlikely to become law due to the split control of Congress.
It remains uncertain whether talks can be revived to give the bill a substantial chance of becoming law. The split control of Congress makes it difficult for certain crypto-related measures to advance.
Hot Take:
The passing of a regulatory framework for stablecoins by the House Financial Services Committee is a significant step towards establishing clear guidelines for the cryptocurrency industry. However, the division along party lines reflects the challenges of bipartisan cooperation in the current political landscape. The fate of the bill and its potential for becoming law will depend on future negotiations and the willingness of both parties to find common ground on crypto regulations.
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