Republicans and Democrats Unable to Reach Consensus on Stablecoin Legislation

Republicans and Democrats Unable to Reach Consensus on Stablecoin Legislation



On Thursday, the House Financial Services Committee (HFSC) faced challenges in reaching a consensus on stablecoin legislation, primarily due to disagreements among Democrats regarding the current text of the bill.



Committee Chair Patrick McHenry (R-NC) attributed the delay in progress to the White House's influence on the bill, suggesting that it was holding up the process. Conversely, Democrats accused Republicans of trying to expedite incomplete legislation without proper deliberation.



The Clarity for Payment Stablecoins Act of 2023 aims to grant the Federal Reserve the authority to set guidelines for stablecoin issuers. Simultaneously, it seeks to uphold the power of state-level regulators for payment stablecoins while also establishing additional requirements.



After 15 months of negotiations, Committee Chair Patrick


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#Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #Regulations, #Stablecoin, #USA

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