Representative Maxine Waters, the ranking member of the United States House Financial Services Committee, has indicated that progress is being made in the passage of stablecoin legislation. In an interview with Bloomberg on April 24, Representative Waters expressed her satisfaction with the collaboration between herself and committee chair Patrick McHenry in developing legislation on stablecoins and clawbacks for banks. She also mentioned that discussions with lawmakers in the U.S. Senate have been constructive. According to Representative Waters, only a few minor adjustments are needed for the stablecoin bill to move forward in the House.
Representative Waters acknowledged that the process has been complex, with numerous stakeholders expressing their opinions. She emphasized the importance of addressing all concerns to ensure the protection of investors and the general public. Representative Waters emphasized the need to prevent stablecoin companies from falsely claiming to possess assets they do not actually have.
Additionally, Senator Brown, the chair of the Senate Banking Committee, has reportedly shown openness to passing stablecoin legislation, provided that his concerns are addressed. Both the House and Senate have proposed different approaches to regulate stablecoins, but any bill would need to be approved by both chambers before becoming law.
Previously, in February, Representative Waters indicated that lawmakers were close to reaching an agreement on stablecoins. On April 17, Senators Kirsten Gillibrand and Cynthia Lummis introduced a payment stablecoin bill that had been anticipated for several months. It remains uncertain how this new bill could affect the support for stablecoin legislation in the Senate, as described by Representative Waters.
In July 2023, the House Financial Services Committee passed the Clarity for Payment Stablecoins Act, paving the way for a full floor vote. However, no further progress has been made since then.
In conclusion, the passage of stablecoin legislation is currently underway, with Representative Waters highlighting the collaboration between lawmakers and the importance of addressing concerns to protect investors and the public.