WASHINGTON — Rep. Patrick McHenry, R-N.C., said that talks continue over Congress's leading bipartisan stablecoin bill, and that he's confident that some kind of bill defining regulation for the digital assets will eventually pass.
McHenry, who spoke at DC Fintech Week, has worked on
Talks between the two lawmakers have gone through fits and starts, running into issues over how assets are held, the definition of a crypto wallet and which agency would regulate stablecoin issuers. They largely agree, however, on a one-to-one backing of the tokens, McHenry said.
"We've come up with a pretty ugly baby," he said. "It is a baby, nonetheless and we're grateful and hopeful it can grow and prosper into something that is a lot more attractive."
McHenry said he "appreciates" the compromises that House Democrats have made on the bill.
The stablecoin bill between the two House Financial Services Committee lawmakers is one of several floating around Congress. One by the top Republican on the Senate Banking Committee would
Although it would be difficult to pass any bill at this late stage in the legislative calendar, both McHenry and Waters are expected to win their elections and could return to negotiating in the new Congress, even if under new roles. In his comments, McHenry noted that "big policymaking in an election year is hard."
