Rep. Patrick McHenry (R-NC), Chair of the U.S. House Financial Services Committee, hinted at forthcoming progress in stablecoin legislation before the upcoming election during a Coinbase event in Washington on March 20. Despite recent Congressional disruptions, McHenry expressed optimism about a bipartisan stablecoin bill nearing readiness for a House vote, signaling significant groundwork in the legislative process for digital currencies.
McHenry emphasized the increased likelihood of legislation passing this year, attributing it to bipartisan efforts and recent developments. He noted that despite disruptions caused by House Republicans’ leadership changes, there are now more opportunities to advance crypto industry bills, thanks to Speaker Mike Johnson’s effectiveness in navigating contentious legislation.
While McHenry likened the legislative process to landing a plane and acknowledged uncertainties about the timing, he expressed confidence in the progress made so far. Sen. Cynthia Lummis (R-WY) echoed McHenry’s optimism, indicating a strong chance for a compromise bill to pass in 2024, especially considering the administration’s openness to stablecoin legislation and Senate Majority Leader Chuck Schumer’s willingness to consider it.
Meanwhile, Coinbase has received support in its legal battle with the SEC, with allies such as Paradigm and the Crypto Council for Innovation submitting amicus briefs to the circuit court. These briefs reinforce Coinbase’s argument for tailored regulatory guidelines within the crypto industry, highlighting the need for a more nuanced approach from the SEC.
