Representatives from the U.S. Congress have made significant strides towards the introduction of a bill focused on stablecoins in the current legislative session. 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 indicate a concerted effort to regulate stablecoins is well underway.
Rep. McHenry, who chairs the House Financial Services Committee, spoke about his collaborative work with Rep. Maxine Waters (D-Calif.) in crafting the stablecoin bill. He acknowledged that recent disruptions in Congress, primarily related to debates over federal spending, temporarily delayed progress on crypto legislation. However, McHenry confirmed that a “workable framework” for the stablecoin bill has been established in the House, pending a floor vote.
The journey towards passing a stablecoin bill has involved nearly two years of development, with McHenry and Waters leading the charge. The bill’s progress has been tied to the resolution of broader budgetary issues in Congress, with hopes of moving forward following a vote to fund the federal government.
Sen. Lummis emphasized the ongoing dialogue between Senate representatives working on the stablecoin bill and their counterparts in the House, highlighting a unified approach to legislation. She also noted that the support from the administration makes stablecoin regulation a promising area for legislative action. Additionally, Lummis mentioned Sen. Chuck Schumer (D-N.Y.), the Senate majority leader, expressing his willingness to consider such a bill.
Previously, McHenry’s committee successfully passed a version of the stablecoin legislation, garnering bipartisan support despite facing some resistance. This demonstrates a commitment to establishing a regulatory framework for stablecoins, which McHenry believes is crucial for the future. Both McHenry and Lummis expressed cautious optimism regarding the prospects of enacting stablecoin laws in the near future during their remarks at the Coinbase summit.