Rep. Patrick McHenry Blames White House For Lack Of Urgency In Stablecoin Bill Negotiations
Republican leaders have faulted the Biden administration for not having a "sense of urgency" on stablecoins, while the response Democrat suggested "impatience" from lawmakers.
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US House Financial Services Committee Chairman Patrick McHenry has singled out the Biden administration for the lack of bipartisan agreement on a stablecoin bill.
During a July 27 hearing, Rep. McHenry said the version of the Clarity for Stable Payments Act, H.R. 4766, being considered for the markup was not based on negotiations between himself. and Ranking Member Maxine Waters. He added that while the committee was "closer than [they] have ever been" on a bipartisan solution, the White House didn't "share the same sense of urgency" as lawmakers.
>“A few minor, but nonetheless important, clauses stood between us and a deal,” McHenry said. "It was the White House's reluctance to compromise that once again stalled this negotiation."
[embedded content]The stablecoins bill was one of many crypto-related pieces of legislation in the House committee. On July 26, lawmakers passed two key bills aimed at clarifying the regulation of crypto businesses: the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Security Act.
Related: Crypto Community Responds to US Democrats Backing SEC Crypto Authority
Rep. Waters blamed the lack of bipartisan agreement on the stablecoin bill on “impatience from Republican leaders,” saying the legislation was “a race to the bottom” with limited oversight on.. .
Republican leaders have faulted the Biden administration for not having a "sense of urgency" on stablecoins, while the response Democrat suggested "impatience" from lawmakers.
News
Join us on social networks
US House Financial Services Committee Chairman Patrick McHenry has singled out the Biden administration for the lack of bipartisan agreement on a stablecoin bill.
During a July 27 hearing, Rep. McHenry said the version of the Clarity for Stable Payments Act, H.R. 4766, being considered for the markup was not based on negotiations between himself. and Ranking Member Maxine Waters. He added that while the committee was "closer than [they] have ever been" on a bipartisan solution, the White House didn't "share the same sense of urgency" as lawmakers.
>“A few minor, but nonetheless important, clauses stood between us and a deal,” McHenry said. "It was the White House's reluctance to compromise that once again stalled this negotiation."
[embedded content]The stablecoins bill was one of many crypto-related pieces of legislation in the House committee. On July 26, lawmakers passed two key bills aimed at clarifying the regulation of crypto businesses: the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Security Act.
Related: Crypto Community Responds to US Democrats Backing SEC Crypto Authority
Rep. Waters blamed the lack of bipartisan agreement on the stablecoin bill on “impatience from Republican leaders,” saying the legislation was “a race to the bottom” with limited oversight on.. .
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