Legislators in the US House of Representatives are again looking at regulations on stable coins under new Republican leadership, but partisan differences and disputes between the two parties could delay passing any new legislation on the subject.
Hostile behavior across partisan lines was recently described in Bloomberg reports Hailed as “a bad sign” for any chances of a quick deal being reached, the stablecoin has been one of the few areas where Democrats and Republicans have found some common ground in the past.
The discord came to the fore again on Wednesday this week, when Republicans and Democrats on the House Financial Services Committee subcommittee began a hearing titled “Understanding Stablecoins’ Role in Payments and the Need for Legislation.”
At the hearing, Republican Representative Patrick McHenry, who chairs the committee, said a draft bill released earlier this month — believed to be after talks between him and top Democrat Maxine Waters — would call for a federal framework on the matter. There should be a foundation.
Despite this, Maxine Waters stated that she and McHenry never completed negotiations and that the most recent draft should be disregarded.
“Unfortunately, a lot has happened in between. I think we’re starting from scratch,” he was quoted as saying by Bloomberg.
He noted that Republicans have indicated that they intend to write their own bill, and said that if that happens, Democrats will do the same.
Once that happens, talks between the two sides can resume, she said.
USDC issuer makes case for stablecoins
witnesses on wednesday Stablecoin-centric hearing was Dante DisparteChief Strategy Officer and Head of Global Policy usdcIssuing Board.
Among other things, at the hearing Departe made the case for why dollar-denominated stable currencies are far superior to cash for use cases such as foreign aid and disaster relief.
Prior to the hearing, Disparte said he looked forward to representing Circle before lawmakers from both parties, and noted that a comprehensive stablecoin bill was shared for the first time in response to the recommendations of the President’s Working Group on Financial Markets. Is.