A bipartisan pair of senior lawmakers on the main House of Representatives committee drafting digital assets legislation made their pitch for a comprehensive framework for stablecoins in the U.S., signaling a deal for legislation governing the payment tokens to become law could be in sight.
“We do want to facilitate a state pathway, but to quote my colleagues on the other side of the aisle, we don’t want any race to the bottom,” said Rep. French Hill, R-Ark., a senior member of the Financial Services Committee in the U.S. House of Representatives, during an online event with the Atlantic Council, a Washington-based thinktank. He added that under the current draft of the legislation, stablecoins would fall under review or enforcement by the Federal Reserve.
“The conversation happening right now is more between the committee and the regulators, and the conversations are happening I think formally and informally as we all work, I think, in good faith,” said the Connecticut Democrat.Congressional Democrats have voiced some skepticism around a Republican-led market structure bill.
Though Republicans, if unified in their narrow majority, can advance legislation out of the House of Representatives by themselves, Democrats control the Senate and White House, so for any bill to become law it would need sign off from the Biden administration and most Senate Democrats.Both Hill and Himes accentuated bipartisan support for getting a stablecoins bill done, even though Himes characterized himself as more of a skeptic of stablecoins.
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