Jakarta - Representatives from both chambers of the US Congress have indicated progress towards introducing a stablecoin bill in the current legislative year
US Senators Patrick McHenry and Cynthia Lummis provided an update on the status of this potential legislation during Coinbase's Update the System Summit in Washington.
According to Coinmarketcap, Saturday (April 13, 2024), while there is uncertainty about the exact timing, their statements show that a joint effort to regulate stablecoins is underway. Representative McHenry, chairman of the House Financial Services Committee, commented on the collaborative work with Representative Maxine Waters in developing stablecoin legislation.
He noted that recent disruptions in Congress, particularly over federal spending debates, have temporarily sidelined crypto legislation. However, McHenry asserted that a workable framework for a stablecoin bill has been established in the House, pending a vote.
Efforts to pass a stablecoin bill have been in development for nearly two years, with McHenry and Waters as the leaders. Progress on the bill is tied to resolving broader budget issues in Congress, with hopes of moving forward after a vote to fund the federal government.
US Senator Lummis highlighted ongoing dialogue between Senate staff on the stablecoin bill and their counterparts in the House, suggesting a unified approach to the legislation.
She also mentioned government support for making stablecoin regulation a promising area for legislative action. Further, Lummis referred to Senate Majority Leader Chuck Schumer expressing openness to considering the bill.
Source: https://www.liputan6.com/
