McHenry: Optimism Regarding US Stablecoin Law

Representative Patrick McHenry (R-N.C.) maintains that Congress can pass legislation regulating stablecoins by the end of the year, despite a challenging political climate and the failure of the full U.S. House of Representatives to vote on a bill that previously passed through his House Financial Services Committee.

"I believe we can establish our stablecoin policy and sign it into law," said McHenry during a Bitcoin Policy Institute event in Washington. "This will be the first sign that there is hope and bipartisanship when it comes to this world of digital assets."

While individual U.S. senators have introduced bills addressing stablecoins, the Senate Banking Committee has not yet considered them. Both chambers of Congress would need to pass a bill that President Joe Biden would be willing to sign.

McHenry has been negotiating stablecoin legislation with members of his party and House Democrats for some time. The bill cleared his committee with the support of several Democrats. However, there has been some resistance from the administration and from the panel's top Democrat, Representative Maxine Waters (D-Calif.), regarding the role of the federal government in overseeing stablecoin issuers.

Lawmakers have long considered this area of the cryptocurrency sector the easiest to regulate, but predictions of impending legislative success have often been hindered by the chaotic and closely divided Congress.

*This is not a financial advice