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Bitcoin:
$ 66.124
BTC Dominance:
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Market Cap:
$2.41 T

US Representatives Working on Stablecoin Law

Stablecoin

Top lawmakers in the U.S. House are strategizing on how to advance a stablecoin bill, according to Punchbowl News. House Financial Services Committee Chairman Patrick McHenry and the committee’s ranking Democrat, Maxine Waters, reportedly met with Senate Majority Leader Chuck Schumer to discuss the next steps.

Efforts to regulate stablecoins in Congress are facing significant challenges this year. However, McHenry and Waters, who have been at the forefront of pushing legislation on the matter, are seeking ways to move it forward. One potential approach discussed is linking it to the reauthorization of Federal Aviation Administration (FAA) funding.

McHenry, who has been vocal about the possibility of passing the stablecoin bill, reiterated this stance, emphasizing the importance of establishing regulations for tokens that provide stability in the volatile cryptocurrency market. Despite McHenry’s optimism, hurdles remain, including resistance within the House and Senate committees.

Senator Cynthia Lummis, who has also been involved in digital assets legislation, indicated last month that Schumer was open to collaborating on a stablecoin bill. However, the path forward is challenging, with the legislation facing obstacles in both chambers of Congress.

While some in the crypto community in Washington, D.C., have expressed doubts about the bill’s prospects for this session, the recent meeting with Schumer and McHenry’s optimism suggest that there is still hope for progress.


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