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“Progress on Stablecoin Legislation Delayed as Republicans and Democrats Clash, Restart from Scratch”

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The stablecoin legislation hearing on Wednesday failed to bridge the gap between Republicans and Democrats. While the House Financial Services Committee posted a 73-page bill that had the same text as draft legislation authored by Maxine Waters and Patrick McHenry, disagreements from the previous congressional session meant both sides still had a lot of work to do. Despite the US stablecoin ecosystem’s bipartisan support in the committee, and the recent depegging of USDC, lawmakers are still months away from meaningful crypto regulation. However, the hearing did agree that stablecoins represented the most likely course of action for policymakers. Several witnesses noted that stablecoins offered an evolution of payment systems, as the current infrastructure was outdated, and stablecoins could fall outside the security-versus-commodity debate that plagues cryptocurrencies.

Source: https://fortune.com/crypto/2023/04/19/prospects-stablecoin-legislation-dwindle-as-republicans-democrats/

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