Representatives from both houses of the U.S. Congress have indicated progress toward the introduction of a stablecoin bill within the current legislative year. Rep. Patrick McHenry (R-N.C.) and Sen. Cynthia Lummis (R-Wyo.) provided updates on the status of this potential legislation during Coinbase’s Update the System Summit in Washington. Despite uncertainties regarding the exact timing, their statements suggest a concerted effort to regulate stablecoins is underway.

Rep. McHenry, the chairman of the House Financial Services Committee, remarked on the collaborative work with Rep. Maxine Waters (D-Calif.) in crafting a stablecoin bill. He noted that recent disruptions in Congress, primarily due to debates over federal spending, temporarily sidelined crypto legislation. However, McHenry affirmed that a “workable frame” for the stablecoin bill has been established in the House, pending a floor vote.

The effort to pass a stablecoin bill has seen nearly two years of development, with McHenry and Waters at the helm. The bill’s progress has been tied to the resolution of broader budgetary issues in Congress, with hopes to move forward following a vote to fund the federal government.

Senate collaboration and administration support

Sen. Lummis highlighted the ongoing dialogue between Senate workers on the stablecoin bill and their House counterparts, suggesting a unified approach toward legislation. She also mentioned that the administration’s support makes stablecoin regulation a promising area for legislative action. Furthermore, Lummis referenced Sen. Chuck Schumer (D-N.Y.), the Senate majority leader, noting his openness to considering such a bill.

Previously, McHenry’s committee successfully passed a version of the stablecoin legislation, receiving support from both sides of the aisle despite facing some resistance. This action highlights a dedication to creating a regulatory environment for stablecoins, which McHenry considers vital for what lies ahead. The remarks made by both McHenry and Lummis at the Coinbase summit exhibit careful optimism regarding the prospects of enacting stablecoin laws in the foreseeable future.

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