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Rep. Patrick McHenry Indicates Progress on Stablecoin Legislation Before Election

Rep. Patrick McHenry (R-NC), Chair of the U.S. House Financial Services Committee, has indicated forthcoming progress in stablecoin legislation ahead of the election.

During a Coinbase event in Washington on March 20, McHenry highlighted that despite recent Congressional disturbances, a stablecoin bill is approaching readiness for a House vote. He emphasized the bipartisan cooperation and substantial groundwork in the legislative process for digital currencies.

Lawmakers Suggest Stablecoin Bill Progress in 2024

McHenry expressed optimism regarding the enactment of legislation this year aimed at enhancing regulatory clarity for the digital asset industry. He highlighted a significant increase in the likelihood of such legislation passing in recent months.

“I think we have a couple of opportunities ahead before the election to see real policy,” McHenry stated.

He further noted, “If we talked about this in November to today, the odds are better that things will get done. We’ve got more opportunities now, and that’s not a normal thing for an election year.”

McHenry also mentioned that House Republicans’ decision to replace former Speaker Kevin McCarthy with current Speaker Mike Johnson had disrupted his efforts to advance multiple bills related to the crypto industry.

Despite the challenges, Representative McHenry highlighted Speaker Johnson’s effectiveness in navigating and passing contentious legislation.

“I think we’re at the phase where we can see the airport, we can see how we’re going to land the plane,” said McHenry. “We just don’t know when we’re going to land the plane.”

Senator Cynthia Lummis (R-WY) also shared her perspective with the audience, expressing optimism for a compromise bill with a strong chance of passing in 2024.

“The administration’s willingness to move forward with stablecoin legislation, I think, makes it by far the most optimal portion of this to move forward,” said Lummis. She added that Senator Chuck Schumer (D-NY), the Senate Majority Leader, has shown openness to considering such legislation.

Allied Forces Join Coinbase in Regulation Fight Against SEC

Coinbase has received backing in its legal battle with the Securities and Exchange Commission (SEC), as allies call for a more nuanced approach to crypto regulation.

Key players such as Paradigm and the Crypto Council for Innovation, among others, have filed amicus briefs with the circuit court. These briefs bolster Coinbase’s stance for tailored regulatory frameworks within the crypto sector.

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