By
Mayowa Adebajo
April 25th, 2024
Reps. Patrick McHenry and Maxine Waters have been very consistent in their bid to see a stablecoin bill passed into law.
Efforts by the US Congress to establish a robust regulatory framework for stablecoins may have picked up new momentum. This follows after two high-ranking lawmakers on the House Financial Services Committee met with Senate Majority Leader Chuck Schumer on Thursday to discuss the way forward.
According to the initial report by Punchbowl News, the meeting was held in Schumer’s office, shortly after the Japanese prime minister jointly addressed Congress the same day.
Patrick McHenry and Maxine Waters Keen on Stablecoin Reform
Reps. Patrick McHenry (R-N.C.) and Maxine Waters (D-Calif.) have, so far, been very consistent in their bid to see the committee’s stablecoin bill passed into law. So much so that their efforts played a huge part in the bill’s passing at the House committee, albeit with a bipartisan vote. However, not much progress has been made since that passing, therefore blurring any hopes that the bill may be passed into law this year.
First off, getting a floor vote in a House where there is ongoing infighting, especially among top Republicans, would be a difficult task. Also, the Senate Banking Committee hasn’t lent any support or has shown any interest in the idea up until now.
Despite these potential setbacks, however, McHenry and Waters are not willing to give up just yet. According to sources familiar with what was discussed on Thursday, the duo is looking to tie the stablecoin bill to a must-move item, such as the Federal Aviation Administration (FAA) spending bill.
For McHenry, getting his panel’s stablecoin bill passed for President Joe Biden to sign into law is one of his priorities before retiring from Congress later this year. With Schumer now in the picture, there is a glimmer of hope that legislation that will guide issuers of stablecoins may just see the light of day.
As of publication, efforts to reach out to McHenry and Waters for commentary have not yet yielded any results.
Call for Cooperation
Meanwhile, the meeting with Senate Majority Leader Chuck Schumer is a wake-up call for lawmakers around the world. It is an encouragement for them to double their efforts in advancing the stablecoin reform agenda.
However, as the debate surrounding stablecoin regulation continues to gain traction, it will all boil down to the collective resolve of lawmakers to address regulatory uncertainties for this fast-evolving digital economy to attain success in the future.