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One of the key figures in the United States’ financial regulations, Representative Patrick McHenry, emphasized that progress will be made in stablecoin legislation during the pre-election period. McHenry, speaking at an event in Washington, announced that Congress is on the verge of taking a significant step in the legislative process for cryptocurrencies.
Stablecoin Efforts in Final Stages
According to McHenry, a bipartisan effort in Congress has brought a stablecoin bill to the brink of being ready for a House vote. This is considered a crucial step that will reduce uncertainty for the crypto asset industry and contribute to the establishment of a legal framework.
Representative McHenry stated that Congress is “optimistic” about increasing regulatory clarity for the crypto asset industry this year. In recent months, the likelihood of the stablecoin bill passing has increased, and the chances of implementing real policies before the elections have strengthened. McHenry highlighted that there are more opportunities now compared to November, which is unusual for a normal election year.
House of Representatives and the Crypto Industry
Recent political maneuvers in the House of Representatives are disrupting efforts to shape the future of the crypto industry. Commenting on the appointment of Mike Johnson to replace former Speaker Kevin McCarthy, McHenry indicates that this has hindered the progress of significant legal bills for the crypto industry.
However, Representative Johnson is known to be effective in steering and passing contentious legislation. McHenry summarized the situation by saying, “We are at a point where we can see the airport. We can see how to land the plane,” but he also emphasized that uncertainties still persist.
Optimism Continues
The optimism of Senator Cynthia Lummis is promising. She expressed hope for legislation that could reach a consensus next year. She particularly mentioned that the administration’s desire for stablecoin legislation could create a suitable foundation for progress. She also conveyed that Senate Majority Leader Senator Chuck Schumer is open to considering such regulations.
In addition to these political maneuvers, Coinbase, one of the giants of the crypto industry, has taken a significant step in its legal battle with the Securities and Exchange Commission (SEC). Coinbase has gathered support from allies advocating for a more specific approach to crypto regulation by the SEC.
Influential organizations such as Paradigm and the Crypto Council for Innovation have submitted amicus briefs to the court, and these presentations have strengthened Coinbase’s arguments regarding regulatory rules.
