Stablecoin legislation has never made it this far in the U.S. Congress. But it's a rocky start, and the road ahead may be even worse. jesseahamilton and jackschickler report
This is as far as stablecoin legislation has ever progressed in the U.S. Congress, but the advance was tainted by a partisan clash.
“Today I had hoped to announce an agreement with the ranking member on stablecoins legislation,” McHenry said at the hearing's outset. “This will not be the case… It was the White House’s unwillingness to compromise that has once again brought that negotiation to a halt.” Waters said the bill was “deeply problematic and bad for America,” and that it “promotes a race to the bottom by creating 58 different licenses,” allowing issuers to potentially include a wide range of assets in their reserve and allowing large corporations such as Meta or Walmart to issue money.
The Clarity for Payment Stablecoins Act was introduced by McHenry last week, marking the latest in a long series of stablecoin legislation drafts he's had his hand in since last year, and it seeks to finally offer a regulatory framework for crypto tied to the value of fiat currency. Stablecoins are a core element of the crypto markets, providing steady tokens with which investors can trade in and out of more volatile assets.
During the debate, Stephen Lynch suggested voting be postponed to September, saying Democrats hadn’t had sufficient chance to pitch their ideas. Waters backed up that request, asking McHenry to consider working on it through the August recess of Congress and coming back to finish it after the break.
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