House Financial Services Committee Leaders Meet Chuck Schumer To Discuss Stablecoin Bill

Lawmakers Discuss Stablecoin Regulation

Lawmakers on Capitol Hill are actively engaging in discussions regarding the regulation of stablecoins. Recently, leading U.S. lawmakers from the House Financial Services Committee met with Senate Majority Leader Chuck Schumer to deliberate on their forthcoming stablecoin bill.

House Financial Services Committee Reps. Meet With Senator Chuck Schumer

According to reports, Congresswoman Maxine Waters and Congressman Patrick McHenry were seen entering Schumer’s office to present their proposed stablecoin bill. The lawmakers are exploring the possibility of linking stablecoin reform to the upcoming funding reauthorization of the Federal Aviation Administration (FAA) in order to garner bipartisan support.

The Long Journey To A Stablecoin Bill

Congressman McHenry has been a vocal advocate for stablecoin reform and has previously drafted the “Clarity for Payment Stablecoins Act.” This proposed legislation aims to subject stablecoins to regulatory oversight akin to traditional financial institutions. Additionally, Senators Kirsten Gillibrand and Cynthia Lummis are set to introduce new stablecoin legislation that seeks to eliminate illicit activities while fostering growth and innovation in the cryptocurrency space.

Pushback From Senator Elizabeth Warren

Despite the momentum for stablecoin reform, Senator Elizabeth Warren has expressed reservations regarding the potential risks associated with such legislation. In a recent letter to her colleagues, Warren emphasized the importance of robust anti-money laundering measures in any regulatory framework governing stablecoins. She continues to advocate for the “Digital Assets Anti-Money Laundering Act” to address these concerns.

While the timeline for the release of the finalized stablecoin bill remains uncertain, stakeholders anticipate its introduction in the near future.