A House stablecoin bill is “deeply problematic and bad for America,” RepMaxineWaters said today, collapsing hopes for a deal that committee chair PatrickMcHenry said was already derailed by the White House. jackschickler and jesseahamilton report.
House lawmakers have failed to reach a bipartisan deal on stablecoins legislation, with Financial Services Committee Chair Patrick McHenry blaming White House intransigence for the stalemate while the panel’s top Democrat said it was McHenry who shut down the talks.
“Today I had hoped to announce an agreement with the ranking member on stablecoins legislation,” McHenry said, referring to the committee’s senior Democrat, Maxine Waters . “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. A Thursday markup of the Republicans' stablecoin bill was highly contentious, with Republicans pushing forward and Democrats dragging their feet on every procedural point. Because such legislation likely needs bipartisan support to advance in the Senate, the effort in the committee to openly negotiate the bill's details underlines the ongoing stalemate for U.S. stablecoin oversight.
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