Senior members of the House of Representatives suggest deal on stablecoins legislation could be close
Senior members of the House of Representatives have indicated that a deal to create a comprehensive framework around stablecoins in the U.S. may be imminent. However, multiple Democrats on a committee considering a separate bill to overhaul how financial laws treat crypto assets have expressed opposition, arguing that the bill is too favorable to the crypto industry. This has caused complications in the path for the market bill to become law, as Democrats narrowly control the Senate and President Joe Biden is less likely to sign a bill into law if most members of his party oppose it.
- Democrats express opposition to a bill favorable to the crypto industry
- Senior members optimistic about ongoing negotiations for stablecoins legislation
- SEC Chair Gary Gensler and technical input to the complex bill
- Some Democrats support the bill, citing lack of clarity in regulations
- Last-minute bid by House Republicans to gain more Democratic votes
In a last-minute effort to gain more Democratic votes on the crypto market bill, House Republicans added $120 million in funding to the Commodity Futures Trading Commission (CFTC) for additional resources to oversee spot markets for digital assets. The bill aims to shift more responsibility over digital asset markets to the CFTC. The market structure bill has gone through a cooperative drafting process between the House Financial Services and Agriculture Committees. Debate and voting on amendments and the underlying bill itself are still ongoing.
Hot Take: The possibility of a comprehensive framework for stablecoins in the U.S. is on the horizon, but Democratic opposition and concerns about industry favorability may hinder its progress. The bill’s fate relies on ongoing negotiations and potential amendments to address these concerns.
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