The chairman of the Senate Banking Committee wants to integrate a stable coin bill to increase the chance of approval
Sherrod Brown, chairman of the US Senate Banking Committee, has announced plans to advance a significant stablecoin bill, combining it with legislation related to marijuana businesses and restitution to bankers.
According to an April 16 Bloomberg report, Senator Brown said he is open to passing a stablecoin bill in Congress as one of his goals if the threat is met. The US lawmakers report that the proposed Statcoin bill is included in a package of legislation that would allow banks to do business with companies that sell marijuana.
Lawmakers in both the US House of Representatives and Senate have failed to introduce bills to address regulatory concerns surrounding stablecoins, despite the support of many in Congress and industry leaders. In February, House Financial Services Committee ranking member Maxine Waters said Democrats and Republicans were “very close” to an agreement on a stable penny bill. In the Senate, a bipartisan group led by Republican Cynthia Lammis and Democrat Kirsten Gillibrand spearheaded similar legislative efforts.
Many members of both political parties in both houses of Congress have expressed concern about establishing an appropriate framework for stablecoins as a whole. In the year In July 2023, one of the House bills, the Clarity for Payment Stablecoins Act, made it out of committee and headed for a full floor vote. The law has seen little movement since then.
Related: Is US stablecoin payment just around the corner? Law has been repealed.
If lawmakers move forward with laws related to digital assets in 2024, they will have to deal with their pro- and anti-crypto constituents in an election year. Control of the House, Senate, and President is up for grabs.
Senator Brown, who has often spoken out about the threat of digital assets in committee hearings, could face Republican candidate Bernie Moreno for his seat in Ohio. Patrick McHenry, chairman of the House Financial Services Committee, announced in December that he would not seek re-election. Both leadership positions are likely to be critical to advancing crypto accounts from 2025.
Magazine: The Real Dangers of Athena's Stable Coin Model (Not What You Think)
