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

The U.S. House Financial Services Committee has handed Chairman Patrick McHenry’s Clarity for Payment Stablecoins Act with bipartisan assist. McHenry mentioned committee members, in contrast to the White House, understood the urgency and significance of offering readability for cost stablecoins. Sheila Warren, the CEO of the Crypto Council for Innovation, described the invoice’s passage because the “first steps toward a legislative foundation for stablecoins in the U.S.”

Landmark Legislation Close to Becoming Law

After holding negotiations for fifteen months, the U.S. House Financial Services Committee handed the Clarity for Payment Stablecoins Act on July 27 with bipartisan assist. According to the committee’s chairperson, Patrick McHenry, the invoice’s passage means “this landmark legislation is one step closer to becoming law.”

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

After fifteen months of bipartisan collaboration, this landmark laws is one step nearer to changing into legislation. pic.twitter.com/vCiyqjyAAf

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

Confirmation of the invoice’s passage got here after an eventful day which at one level noticed McHenry blast the White House for irritating the committee’s hopes of reaching a bipartisan settlement. McHenry, the U.S. Representative for North Carolina, claimed committee members — in contrast to the White House — understood the urgency and significance of offering readability for cost stablecoins.

“A bipartisan deal was within reach—we were closer than we’ve ever been. A few small, but nonetheless important, provisions stood between us and a deal. It was the White House’s unwillingness to compromise that has once again brought negotiations to a halt,” McHenry said.

The Republican additionally recommended the New York Department of Financial Services superintendent Adrienne Harris for what he described as “her invaluable contributions.”

Following the invoice’s passage, Sheila Warren, the CEO of the Crypto Council for Innovation, described this because the “first steps toward a legislative foundation for stablecoins in the U.S.” Warren, who acknowledged the “fireworks” which preceded the invoice’s passage, mentioned the step as soon as once more confirmed that the United States’ technique of legislating remains to be troublesome. However, she mentioned the invoice’s bipartisan assist had confirmed to the world that “regulating crypto in the US is not a partisan issue.”

The CEO, like fellow crypto proponents who’ve been calling on the U.S. to take the lead in establishing clear guidelines for the trade, additionally highlighted how a regulatory regime can foster innovation and in addition to “provide critical protections for consumers.”

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