Rep. Patrick McHenry Indicates Progress on Stablecoin Legislation Before Election

Watch Icon
News
Rep. Patrick McHenry Indicates Progress on Stablecoin Legislation Before Election
[[{"value":"

The U.S. House Financial Services Committee Chair Rep. Patrick McHenry (R-NC) has suggested upcoming advancements in stablecoin legislation before the election.

Speaking at a Coinbase event in Washington on March 20, McHenry noted that despite recent Congressional disruptions, a stablecoin bill is nearing readiness for a House vote, reflecting a bipartisan effort and significant groundwork in the legislative process for digital currencies.

Lawmakers Suggest Stablecoin Bill Progress in 2024

McHenry is “optimistic” that the Congress will enact legislation this year to enhance regulatory clarity for the digital asset industry, highlighting that the likelihood of such legislation passing has significantly increased in recent months.

“I think we have a couple of opportunities ahead before the election to see real policy,” said McHenry.

“If we talked about this in November to today, the odds are better that things will get done,” said McHenry. “We’ve got more opportunities now, and that’s not a normal thing for an election year.”

McHenry mentioned that House Republicans’ move to replace former Speaker Kevin McCarthy with current Speaker Mike Johnson disrupted his attempts to advance multiple crypto industry bills.

Nevertheless, the Representative pointed out that Johnson has demonstrated effectiveness in navigating and passing contentious legislation.

“I think we’re at the phase where we can see the airport, we can see how we’re going to land the plane,” said McHenry. “We just don’t know when we’re going to land the plane.”

Sen. Cynthia Lummis (R-WY) also addressed the audience at the event, expressing optimism for a compromise bill with a strong chance to pass in 2024.

“The administration’s willingness to move forward with stablecoin legislation, I think, makes it by far the most optimal portion of this to move forward,” said Lummis. She added that Sen. Chuck Schumer (D-NY), the Senate Majority Leader, has shown openness to considering such legislation.

Allied Forces Join Coinbase in Regulation Fight Against SEC

Coinbase has garnered support in its legal confrontation with the Securities and Exchange Commission (SEC), with allies advocating for the SEC to adopt a more tailored approach to crypto regulation.

Influential entities like Paradigm and the Crypto Council for Innovation, among others, have presented amicus briefs to the circuit court. These submissions reinforced Coinbase’s argument for specific regulatory guidelines within the crypto industry.

The post Rep. Patrick McHenry Indicates Progress on Stablecoin Legislation Before Election appeared first on Cryptonews.

"}]] 
More News

NFT Artist Ryder Ripps Must Dish Out $9M t...

Watch Icon
Last updated

NFT artist Ryder Ripps and associate Jeremy Cahen must pay Bored Ape Yacht Club (BAYC) developer Yuga Labs nearly $9m in profit disgorgement. Both have been permanently banned from using the BAYC identifier in any logos or trademarks, a final court judgment on Friday showed. Additionally, US District Judge John Walter ordered them to transfer The post NFT Artist Ryder Ripps Must Dish Out $9M to Yuga Labs appeared first on Cryptonews.

Ethereum Network Achieves One Million Vali...

Watch Icon
Last updated

The Ethereum network has surpassed one million validators, with approximately 32 million Ether, worth around $114 billion, staked within the network. The post Ethereum Network Achieves One Million Validators, Securing $114 Billion in Staked Ether appeared first on Cryptonews.

Back to Top