WASHINGTON — Rep. Tom Emmer, the House majority whip, said that at least one of the digital-assets bills spearheaded by Rep. Patrick McHenry, R-N.C., is ready to move in the House.
Emmer — who as a member of House leadership helps determine which bills come up for a vote — told attendees of the American Bankers Association's Washington Summit on Tuesday that despite general congressional gridlock, some of McHenry's legislation out of the Financial Services Committee could advance.
"He's got two pieces of legislation," Emmer, R-Minn., said. "He's got more, but two pieces that are very intriguing to me are ones that I think are going to find their way to the floor."
The first, Emmer said, is McHenry's
The second bill, McHenry's stablecoin legislation, still might need some work, Emmer said. The bill, which has gone through fits of progress and setback between McHenry and the Financial Services Committee's ranking Democrat, Rep. Maxine Waters of California, would empower state regulators to a degree that has
"That one's got some work still needs to be done," Emmer said. "I think Patrick would tell you that. But he's trying to find a way to make that work."
Emmer is seen as a champion of crypto on the Hill and has used his position both in House leadership and on the Financial Services Committee to highlight the innovation he believes it brings to the financial system.
"This is all about the future of the dollar — it's not just about the future of the greatest banking system in the world," Emmer said. "If you've got stablecoins out there backed up by U.S. dollars, imagine the opportunities that we'll have around the world because people want to deal with the dollar."
