Stablecoin legislation could be feasible this summer or in the lame-duck session, according to TD Cowen.
Movement on stablecoin legislation could be feasible this summer or during the lame-duck session. This follows talks between top House leadership and Senate Majority Leader Chuck Schumer a few days ago, according to a note from investment bank TD Cowen.
"As we have written in the past, there is a path for stable coin legislation. It would require the backing of Team Biden and the inclusion of AML/BSA crypto controls. It also could be paired with a Democratic priority. Enacting these creative packages is tricky, which is why we keep our expectations tempered," said the TD Cowen Washington Research Group, led by Jaret Seiberg, in their note.
The bill advanced out of their committee over the summer but was met with partisan bickering. Congressional Republicans blamed the White House for opposition to the bill. At the time, Waters said the bill was "deeply problematic" due to a provision that allows state regulators to approve stablecoin issuances without Federal Reserve input.
TD Cowen Stablecoin Bill Chuck Schumer
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