ICYMI: McHenry hopeful that ‘ugly baby’ stablecoin bill will advance
Rep. Patrick McHenry, the top Republican on the House Financial Services Committee, is hopeful that stablecoin legislation will advance in the coming months.
Rep. Patrick McHenry, R-N.C., is hopeful that a stablecoin bill he is negotiating with House Financial Services Chair Maxine Waters will advance in the coming months, he said during an event on Wednesday. McHenry made the comments during D.C. Fintech Week, a financial conference hosted by the Georgetown University Law Center. McHenry is the top Republican on the committee and poised to become the chair if Republicans retake the House in November.
McHenry noted several areas of disagreement, including determining the appropriate federal regulator, the means by which stablecoins are held and new rules around wallets. The Republican lawmaker said he is encouraged that committee members are nearing a deal, despite operating in a “divided Washington” and a time of “chaos.”
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