Key Congressman McHenry Is Bullish U.S. Stablecoin Law Will Pass This Year
U.S. Representative Patrick McHenry believes that Congress can pass a stablecoin regulation law before his retirement at the end of the year. Despite the volatile political climate and previous failures to vote on a bill, McHenry remains optimistic about setting a stablecoin policy. Individual U.S. senators have proposed legislation addressing stablecoins, but the Senate Banking Committee has not yet reviewed any of it. For a bill to become law, it would need to pass both chambers and receive President Joe Biden's approval. McHenry has been discussing stablecoin legislation with members of his party and House Democrats for months. However, there has been resistance from the administration and from the panel's top Democrat, Rep. Maxine Waters, regarding the federal government's role in overseeing stablecoin issuers. Despite these challenges, lawmakers view this sector of the crypto industry as the easiest to regulate.
