US House Financial Services Committee Passes Stablecoin Legislation ‘After a Few Fireworks’

The U.S. House Financial Services Committee has passed Chairman Patrick McHenry’s Clarity for Payment Stablecoins Act with bipartisan support. McHenry said committee members, dissimilar the White House, understood the urgency and value of providing clarity for outgo stablecoins. Sheila Warren, the CEO of the Crypto Council for Innovation, described the bill’s transition arsenic the “first steps toward a legislative instauration for stablecoins successful the U.S.”

Landmark Legislation Close to Becoming Law

After holding negotiations for 15 months, the U.S. House Financial Services Committee passed the Clarity for Payment Stablecoins Act connected July 27 with bipartisan support. According to the committee’s chairperson, Patrick McHenry, the bill’s transition means “this landmark authorities is 1 measurement person to becoming law.”

#BREAKING: Chairman @PatrickMcHenry's Clarity for Payment Stablecoins Act passes the Financial Services Committee with BIPARTISAN support.

After 15 months of bipartisan collaboration, this landmark authorities is 1 measurement person to becoming law. pic.twitter.com/vCiyqjyAAf

— Financial Services GOP (@FinancialCmte) July 28, 2023

Confirmation of the bill’s transition came aft an eventful time which astatine 1 constituent saw McHenry blast the White House for frustrating the committee’s hopes of reaching a bipartisan agreement. McHenry, the U.S. Representative for North Carolina, claimed committee members — dissimilar the White House — understood the urgency and value of providing clarity for outgo stablecoins.

“A bipartisan woody was wrong reach—we were person than we’ve ever been. A fewer small, but nevertheless important, provisions stood betwixt america and a deal. It was the White House’s unwillingness to compromise that has erstwhile again brought negotiations to a halt,” McHenry said.

The Republican besides commended the New York Department of Financial Services superintendent Adrienne Harris for what helium described arsenic “her invaluable contributions.”

Following the bill’s passage, Sheila Warren, the CEO of the Crypto Council for Innovation, described this arsenic the “first steps toward a legislative instauration for stablecoins successful the U.S.” Warren, who acknowledged the “fireworks” which preceded the bill’s passage, said the measurement erstwhile again showed that the United States’ process of legislating is inactive difficult. However, she said the bill’s bipartisan enactment had proven to the satellite that “regulating crypto successful the US is not a partisan issue.”

The CEO, similar chap crypto proponents who person been calling connected the U.S. to instrumentality the pb successful establishing wide rules for the industry, besides highlighted however a regulatory authorities tin foster innovation and arsenic good arsenic “provide captious protections for consumers.”

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