Stablecoin bill moves closer to bipartisan agreement in House

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2023-06-09 17:31:20  • 4 mins

House Financial Services Committee chair Patrick McHenry, R-N.C., published a new discussion draft of stablecoin legislation that includes some Democratic priorities, signifying progress in developing bipartisan legislation that can pass both houses of Congress.

Bloomberg News

WASHINGTON The House Financial Services Committee has posted another draft of a stablecoin bill, this time including several Democrat-led priorities, in a powerful signal that negotiations between the two parties could lead to some actionable legislation out of the House this year.

House Republicans released the draft just before a June 13 hearing on digital asset legislation, which will feature Jeremy Allaire, CEO of stablecoin issuer Circle.

Unlike a previous version of the bill McHenry released in April, the new version merged in some important Democratic priorities. Specifically, the new bill would have the Federal Reserve write requirements for issuing stablecoins, although it would still allow state regulators to have oversight over the tokens' issuers.

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