The House committee’s ranking member says a stable coin bill could come soon

Representative Maxine Waters, a member of the US House Financial Services Committee, noted that lawmakers are making progress in passing the Stablecoin Act.

In an April 24 interview with Bloomberg, Rep. Waters said she's been doing “excellent work” with committee chairman Patrick McHenry on “illicit coins and banks” and talking to lawmakers in the U.S. Senate. According to ranking members, only “a few tweaks” were necessary for a stable penny bill to move forward in the House.

“It was very complicated,” said Rep. Waters. “We have a lot of parties involved. […] Everyone had something to say. We had to identify all these concerns. By doing that, in the final analysis, investors and the public are protected and we don't have a stable coin receipt. […] Companies don't have the wealth they claim to have.

she added.

“We are talking to the Senate. We met with Schumer. He spoke with Sherrod Brown. We are on our way to have a stable coin account in no time.

Senator Brown, chairman of the Senate Banking Committee, reportedly said in April that he was open to passing the fiat coin legislation. Lawmakers in the House and Senate have proposed various legislative ways to regulate stablecoins, but any bill must pass through both chambers before it can be signed into law.

Related: Crypto advocacy group says Statcoin bill ‘violates free speech rights'

Rep. Waters indicated in February that lawmakers were “very close” to an agreement on stablecoins. On April 17, Senators Kirsten Gillibrand and Cynthia Lummis introduced the payment stable coin bill they had been teasing for months. It's unclear how the bill's support in the Senate will split from the efforts outlined by Rep. Waters.

In the year In July 2023, lawmakers in the House Financial Services Committee approved the Transparency for Payments Stablecoins Act, setting the stage for a full floor vote. The law has not moved forward since then.

Magazine: Unstable Coins: Debasement, Bankruptcy and Other Risks Ahead.