U.S. House Makes History, Approves Stablecoin & Crypto Bills28. Juli 2023
• The U.S. House Financial Services Committee have passed a bill for stablecoins legislation in Congress despite lack of bipartisan support.
• House lawmakers took a significant step in advancing the bill for potential floor vote, with Chair Patrick McHenry attributing the lack of unanimous backing to White House objections.
• Additionally, three crypto-related bills and one crypto markets oversight bill have been approved by the House Agriculture Committee and advanced for a vote in the full house of Representatives.
Stablecoin Bill Paves Way For Regulatory Framework
U.S. House lawmakers took a significant step in advancing stablecoin legislation through Congress on Thursday despite lack of bipartisan support due to White House objections, leading to a stalemate attributed to Chair Patrick McHenry (R-N.C.). Although contentious debates marked the markup of this milestone achievement in Congress, it secured a 34-16 vote allowing it to proceed for further consideration in the House of Representatives.
Three Crypto-Related Bills Also Advance To Full Vote
The news comes one day after lawmakers focused on finance advanced three crypto-related bills for a vote in the full House of Representatives, marking the first time laws solely dedicated to this topic moved forward. Additionally, the House Agriculture Committee also approved a crypto markets oversight bill that had previously passed McHenry’s panel – signifying an important milestone when it comes to user rights and regulatory framework surrounding cryptocurrencies.
Chairman Disappointed With Lack Of Bipartisan Support
McHenry expressed his disappointment during Thursday’s hearing stating,“Today I had hoped to announce an agreement with the ranking member on stablecoins legislation….It was the White House’s unwillingness to compromise that has once again brought that negotiation to a halt.“
Objections From The White House
Maxine Waters (D-Calif.), accused McHenry of prematurely ending negotiations between Republicans and Democrats after they broke down prior night’s hearing – attributing this lack of unanimous backing from both parties partially due to objections from White house officials regarding this legislation’s passage through Congress.
Significant Milestone In Stablecoin Progress
Despite controversy marring this development, it signifies an important milestone towards making progress with regards to user rights and regulatory framework concerning stablecoins moving forward – as well as other cryptocurrency related issues currently being discussed by US Government Officials at Federal level .