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Maxine Waters Says House Could See Stablecoin Legislation Soon

Maxine Waters Says House Could See Stablecoin Legislation Soon

Apr 25, 2024

Maxine Waters Says House Could See Stablecoin Legislation Soon

Recent updates from U.S. House Representative Maxine Waters suggest that a new stablecoin bill could be approaching readiness. Waters, the leading Democrat on the House Financial Services Committee, has indicated to Bloomberg that the final version of the stablecoin bill could be forthcoming.

Representative Waters expressed optimism about the bill's prospects: "We are on our way to getting a stablecoin bill in the short run.” Despite her previous concerns about an earlier version of the bill, which she described as “deeply problematic and bad for America."

The movement towards a stablecoin law has gained momentum, the likelihood of its passage increasing before the year's elections. A convergence of efforts in both the Senate and the House, as well as input from key regulatory bodies like the U.S. Federal Reserve, the Treasury Department, and the White House, has contributed to the bill's progress.

Waters, along with House Financial Services Committee Chairman Patrick McHenry (R-N.C.), has engaged in lengthy negotiations spanning 22 months. They have reportedly met with Senate Majority Leader Chuck Schumer to discuss expediting the legislation by linking it to the Federal Aviation Administration reauthorization due next month.

In parallel, Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) introduced a stablecoin bill in the Senate that proposes strict reserve asset requirements for stablecoin issuers and a ban on algorithmic stablecoins. Waters has also been in discussions with Senate Banking Chairman Sherrod Brown, who earlier this month expressed openness to advancing stablecoin legislation.

Moreover, there is a possibility that a marijuana banking bill could be combined with the stablecoin legislation, although it might face challenges, including opposition from Senate Republican leader Mitch McConnell.

In March, McHenry conveyed that the stablecoin bill is essentially prepared for a vote in the Republican-controlled House, awaiting scheduling.

Bloomberg Article

CoinDesk Article


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