Rep. Patrick McHenry Indicates Progress on Stablecoin Legislation Before Election

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

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March 21, 2024 03:53 EDT

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The U.S. House Financial Services Committee Chair Rep. Patrick McHenry (R-NC) has suggested upcoming advancements in stablecoin legislation before the election.

Speaking at a Coinbase event in Washington on March 20, McHenry noted that despite recent Congressional disruptions, a stablecoin bill is nearing readiness for a House vote, reflecting a bipartisan effort and significant groundwork in the legislative process for digital currencies.

Lawmakers Suggest Stablecoin Bill Progress in 2024

McHenry is “optimistic” that the Congress will enact legislation this year to enhance regulatory clarity for the digital asset industry, highlighting that the likelihood of such legislation passing has significantly increased in recent months.

“I think we have a couple of opportunities ahead before the election to see real policy,” said McHenry.

“If we talked about this in November to today, the odds are better that things will get done,” said McHenry. “We’ve got more opportunities now, and that’s not a normal thing for an election year.”

McHenry mentioned that House Republicans’ move to replace former Speaker Kevin McCarthy with current Speaker Mike Johnson disrupted his attempts to advance multiple crypto industry bills.

Nevertheless, the Representative pointed out that Johnson has demonstrated effectiveness in navigating and passing contentious legislation.

“I think we’re at the phase where we can see the airport, we can see how we’re going to land the plane,” said McHenry. “We just don’t know when we’re going to land the plane.”

Sen. Cynthia Lummis (R-WY) also addressed the audience at the event, expressing optimism for a compromise bill with a strong chance to pass in 2024.

“The administration’s willingness to move forward with stablecoin legislation, I think, makes it by far the most optimal portion of this to move forward,” said Lummis. She added that Sen. Chuck Schumer (D-NY), the Senate Majority Leader, has shown openness to considering such legislation.

Allied Forces Join Coinbase in Regulation Fight Against SEC

Coinbase

has garnered support in its legal confrontation with the Securities and Exchange Commission (SEC), with allies advocating for the SEC to adopt a more tailored approach to crypto regulation.

Influential entities like Paradigm and the Crypto Council for Innovation, among others, have presented amicus briefs to the circuit court. These submissions reinforced Coinbase’s argument for specific regulatory guidelines within the crypto industry.