U.S. Rep. Patrick McHenry, R-N.C., is adamant that Congress will produce a stablecoin law before he leaves office at the end the year. This is despite a volatile and turbulent political climate as well as the fact that the U.S. House failed to pass a previous bill passed by his House Financial Services Committee.
McHenry, speaking at an event of the Bitcoin Policy Institute in Washington on Tuesday, said: “I believe we can pass our stablecoin law and have it signed into legislation.” This will signal the beginning of hope in this digital asset world.
Senate Banking Committee is yet to take up any legislation produced by individual U.S. Senators that addresses stablecoins, the tokens tied to assets like the dollar. The bill would have to be passed by both chambers before President Joe Biden is willing to sign it.
McHenry had been working on stablecoins legislation for several months with House Democrats and members of his own party. When a bill passed his committee it was with support from many Democrats. There has been some opposition from both the Administration and the top Democrat on the panel, Rep. Maxine (D-Calif.), regarding the role that the federal government should play in supervising stablecoin issues.
The reality of an incredibly divided and chaotic Congress has often thwarted predictions that a legislative solution would be forthcoming.
Nick Baker is the editor.