US Lawmakers Continue Their Push for Stablecoin Reform

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US Lawmakers Continue Their Push for Stablecoin Reform

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 su...


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US Lawmakers Continue Their Push for Stablecoin Reform