Top U.S. House Lawmakers Meet on Stablecoin Bill Strategy: Punchbowl

The
U.S.
congressional
effort
to
establish
regulations
for
stablecoins
has
become
an
increasing
longshot
for
passage
this
year,
but
the
lawmakers
who’ve
pushed
legislation
the
farthest
reportedly
had
a
meeting
with
Senate
Majority
Leader
Chuck
Schumer
about
it,

Punchbowl
News
reported.

House
Financial
Services
Committee
Chairman
Patrick
McHenry
(R-N.C.)
and
the
panel’s
senior
Democrat,
Rep.
Maxine
Waters
(D-Calif.),
met
with
Schumer
on
Thursday
to
get
legislation
moving,
potentially
tying
it
to
reauthorization
of
Federal
Aviation
Administration
(FAA)
funding,
the
site
reported.

On
the
crypto
event
circuit,
McHenry
has
repeatedly
contended
that
it’s
still
possible
to
get
his
panel’s
stablecoin
bill
passed
for
President
Joe
Biden
to
sign
it
into
law,
including
in
remarks
earlier
this
week.
McHenry
is
retiring
from
Congress
this
year
and
has
put
a
priority
on
the
legislation
to
provide
guardrails
to
issuers
of
the
tokens
that,
among
other
uses,
provide
a
steadier
foundation
for
the
trading
of
more
volatile
cryptocurrencies.

Read
More:



Key
Congressman
McHenry
Is
Bullish
U.S.
Stablecoin
Law
Will
Pass
This
Year

Sen.
Cynthia
Lummis
(R-Wyo.),
who
has
also
been
trying
to
move
digital
assets
legislation,
said
last
month
that
Schumer
was

willing
to
work
on
a
stablecoin
bill.

Despite
its
success
in
passing
the
House
committee
with
a
bipartisan
vote,
the
legislation
faces
daunting
hurdles.
It
could
be
difficult
to
get
a
floor
vote
in
a
House
that
has
been
virtually
paralyzed
by
infighting
–
especially
within
the
ranks
of
top
Republicans.
And
the
Senate
Banking
Committee
has
shown
no
interest
in
picking
the
idea
up
and
matching
it.
That
could
leave
the
narrower
option
of
engaging
in
esoteric
legislative
wrangling
to
get
it
attached
to
a
must-move
item,
such
as
the
FAA
spending
bill.

Spokespeople
for
McHenry
and
Waters
didn’t
immediately
respond
to
requests
for
comment
on
the
meeting.

Crypto
insiders
in
D.C.
have
been
quietly
lamenting
it
as
a
likely
lost
cause
for
this
session,
but
the
Schumer
meeting
and
McHenry’s
optimism
may
keep
hope
alive.