Rep. Patrick McHenry blames White House for lack of urgency on stablecoin bill negotiations

United States House Financial Services Committee seat Patrick McHenry has pointed a digit astatine the Biden medication for the deficiency of bipartisan statement connected a stablecoin bill.

In a July 27 hearing, Rep. McHenry said the mentation of the Clarity for Payment Stablecoins Act, H.R. 4766, being considered for markup was not based connected negotiations betwixt himself and ranking subordinate Maxine Waters. He added that though the committee was “closer than [they]’ve ever been” connected a bipartisan solution, the White House did not “share that aforesaid consciousness of urgency” arsenic lawmakers.

“A fewer small, but nevertheless important, provisions stood betwixt america and a deal,” said Rep. McHenry. “It was the White House’s unwillingness to compromise that has erstwhile again brought that dialog to a halt.”

The stablecoin measure was 1 of galore pieces of crypto-related authorities successful the House committee. On July 26, lawmakers moved 2 cardinal bills done which were aimed astatine providing regulatory clarity to crypto firms: the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act.

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Rep. Waters placed the blasted for the deficiency of bipartisan statement connected the stablecoin measure connected the “impatience of Republican leadership”, claiming the authorities was “a contention to the bottom” with constricted oversight implicit licensing and imaginable conflicts betwixt approaches by U.S. authorities regulators and those astatine the national level.

“Important authorities takes time,” said Rep. Waters. “The seat is impatient and has decidedly to abruptly extremity our negotiations and determination guardant with the measure that is profoundly problematic [...] Under this framework, Amazon, Walmart, Facebook tin make their ain stablecoins oregon adjacent beryllium affiliated with a stablecoin issuer.”

“The Fed bash not enactment the bill, Treasury does not enactment the bill, and we don’t person the enactment of those who asked america to get progressive with a stablecoin measure to statesman with.”

At the clip of publication, it was unclear whether H.R. 4766 had the votes for transition done the committee. Lawmakers are besides expected to sermon the Keep Your Coins Act introduced by Rep. Warren Davidson, a measure aimed astatine preventing U.S. authorities agencies from exercising definite authorization implicit individuals’ self-custodied crypto wallets.

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