Representatives from both chambers of the U.S. Congress have indicated progress towards the introduction of a bill focused on stablecoins during the current legislative year. Rep. Patrick McHenry (R-N.C.) and Sen. Cynthia Lummis (R-Wyo.) provided updates on the status of this potential legislation during Coinbase’s Update the System Summit in Washington. While the exact timing remains uncertain, their statements suggest a coordinated effort to regulate stablecoins is underway.
Rep. McHenry, the chairman of the House Financial Services Committee, spoke about the collaborative work with Rep. Maxine Waters (D-Calif.) in crafting a stablecoin bill. He acknowledged that recent disruptions in Congress, primarily due to debates over federal spending, temporarily delayed crypto legislation. However, McHenry confirmed that a “workable framework” for the stablecoin bill has been established in the House, awaiting a floor vote.
The effort to pass a stablecoin bill has undergone nearly two years of development, led by McHenry and Waters. The progress of the bill has been closely tied to the resolution of broader budgetary issues in Congress, with the hope of moving forward after a vote to fund the federal government.
Sen. Lummis emphasized the ongoing dialogue between Senate members working on the stablecoin bill and their counterparts in the House, indicating a unified approach towards legislation. She also mentioned that the support of the administration makes stablecoin regulation a promising area for legislative action. Furthermore, Lummis mentioned Sen. Chuck Schumer (D-N.Y.), the Senate majority leader, and his openness to considering such a bill.
Previously, McHenry’s committee successfully passed a version of the stablecoin legislation, receiving bipartisan support despite facing some opposition. This action demonstrates a commitment to creating a regulatory environment for stablecoins, which McHenry deems crucial for the future. The remarks made by both McHenry and Lummis at the Coinbase summit showcase cautious optimism regarding the prospects of enacting stablecoin laws in the near future.
