-
A
Democratic
aide
familiar
with
the
negotiation
said
House
and
Senate
leaders
are
insisting
on
a
clean
FAA
reauthorization
that
wouldn’t
allow
the
attachment
of
a
stablecoin
bill. -
The
effort
has
drawn
key
support
and
may
be
tried
again
as
the
congressional
session
wanes.
Advocates
for
long-awaited
U.S.
stablecoin
legislation
tried
to
tie
it
onto
an
unrelated
must-move
reauthorization
bill,
but
leaders
in
the
Senate
and
House
of
Representatives
are
seeking
to
keep
that
effort
clear
of
such
attachments,
according
to
a
Democratic
aide.
U.S.
lawmakers
had
been
engaged
this
week
in
serious
conversations
about
whether
to
jam
a
stablecoin
regulation
amendment
onto
the
Federal
Aviation
Administration
reauthorization
legislation,
which
is
approaching
a
deadline.
Such
efforts
to
use
that
bill
for
other
business
were
rebuffed
by
leaders
favoring
a
so-called
clean
bill,
so
the
leading
stablecoin
negotiation
between
House
Financial
Services
Committee
Chair
Patrick
McHenry
(R-N.C.)
and
its
top
Democrat,
Rep.
Maxine
Waters
(D-Calif.),
will
return
to
talks
on
a
final
deal,
said
the
aide,
who
requested
anonymity
because
the
negotiations
aren’t
public.
Still,
the
serious
maneuvering
on
behalf
of
stablecoin
oversight
reveals
how
much
closer
that
vital
corner
of
the
industry
is
getting
to
daylight.
For
the
first
time,
the
necessary
senators
engaged
in
the
negotiations.
Senate
Banking
Committee
Chairman
Sherrod
Brown
(D-Ohio)
has
said
he’s
open
to
pairing
stablecoin
regulation
with
his
push
for
a
bill
opening
access
to
the
financial
system
for
cannabis
businesses.
And
Senate
Majority
Leader
Chuck
Schumer
(D-N.Y.)
seemed
to
be
on
board
for
that,
though
Minority
Leader
Mitch
McConnell
(R-Ky.
)
continues
to
signal
he
opposes
marijuana
banking.
The
energy
devoted
this
time
could
suggest
that
stablecoins
may
come
up
again
when
other
must-pass
bills
move
through
Congress
–
and
it
may
now
be
intertwined
with
the
high-profile
marijuana
legislation.
“We
believe
this
push
will
reveal
how
much
support
both
have
in
Congress
and
who
remains
opposed,”
said
Jaret
Seiberg,
an
analyst
with
TD
Cowen,
in
a
research
note.
“It
is
why
we
see
this
effort
offering
insight
into
what
could
happen
with
these
bills
later
this
year
when
we
expect
the
real
push
for
enactment.”
The
vehicle
that
carries
the
stablecoin
(and
possibly
marijuana)
legislation
doesn’t
have
to
make
sense.
As
the
industry
learned
previously,
an
infrastructure
bill
carried
the
most
important
move
against
crypto
to
date.
A
final
compromise
version
of
the
stablecoin
bill
that
pleases
both
parties
and
both
chambers
hasn’t
yet
emerged,
so
industry
insiders
are
hesitant
about
cheering
it
on
until
they
can
get
a
good
look.
“As
with
all
legislation,
the
devil
is
in
the
details,”
said
Kristin
Smith,
CEO
of
the
Blockchain
Association,
in
an
interview
with
CoinDesk.
“We
look
forward
to
seeing
and
providing
feedback
on
any
new
drafts
of
compromises
that
emerge.”
At
this
stage,
multiple
lawmakers
could
have
major
incentives
to
make
a
stablecoin
bill
happen.
“Brown
has
an
incentive
to
get
SAFER
Banking
[the
marijuana
banking
bill]
over
the
finish
line
this
year,
which
would
give
him
a
win
on
a
subject
popular
with
voters,
cannabis
reform,
months
before
a
tough
re-election
fight,”
according
to
a
Tuesday
analysis
from
Beacon
Policy
Advisors,
a
firm
that
tracks
financial
policy
in
Washington.
Beacon
also
noted
that
this
is
“a
legacy-defining
issue
for
McHenry,
who
is
retiring
from
Congress
at
the
end
of
his
term.”