US Representative Patrick McHenry said at an event he attended on Wednesday that he is hopeful that a stablecoin bill, which he has negotiated with House of Representatives Financial Services Speaker Maxine Waters, will move forward in the coming months.
Senator Says Hopeful About Cryptocurrency and Stablecoin Law in the US
Referring to the draft stablecoin legislation, McHenry said:
“We came up with a pretty ugly baby. Still, it’s a baby, and we’re grateful and hopeful that this ugly baby can grow and develop into something a little more attractive.”
McHenry made his comments during DC Fintech Week, a financial conference hosted by the US Georgetown University Law Center.
McHenry is the top Republican on the committee and is poised to become president if Republicans retake the House of Representatives in November.
Water and McHenry have been behind the scenes for months. cryptocurrency They are working to come up with an agreement that will regulate stablecoins using the technology.
A draft of the legislation will establish a federal framework around stablecoins and temporarily ban payment coins that are not backed by external entities. McHenry said the Treasury Department was also involved in the drafting of the bill.
McHenry highlighted several areas of disagreement, including identifying the appropriate federal regulator, the ways in which stablecoins are held, and new rules regarding wallets.
The US Republican member said he was pleased that committee members were approaching a deal despite operating in a “divided Washington” and “chaos” era.
“I am hopeful about what this will mean in the months ahead,” McHenry said. I am optimistic that we will reach an agreement.” said.
*Not investment advice.
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