Leading Lawmakers From House Financial Services Committee Meet With Chuck Schumer To Discuss Stablecoin Bill: Punchbowl News
Leading U.S. lawmakers from the House Financial Services Committee met with Senate Majority Leader Chuck Schumer Thursday afternoon to discuss their long awaited stablecoin bill, Punchbowl News has reported.
According to Punchbowl News, Congresswoman Maxine Waters (D-CA) and Congressman Patrick McHenry (R-NC) were seen entering Schumer’s office on April 11 in order to pitch their yet-to-be-released stablecoin bill proposal.
Reports say McHenry and Waters discussed linking the their stablecoin reform to the upcoming funding reauthorization of the Federal Aviation Administration (FAA) in hopes of securing bipartisan support.
NEWS: The two top lawmakers on the House Financial Services Committee met with Majority Leader Chuck Schumer this afternoon to discuss stablecoin reform. Lawmakers discussed whether the FAA reauthorization could be a potential vehicle for bipartisan legislation. PBN text out now. pic.twitter.com/Abcb6H7nGy
— Brendan Pedersen (@BrendanPedersen) April 11, 2024
Should the forthcoming stablecoin bill be tacked on to the FAA reauthorization, Punchbowl News reports that the strategy would be “fairly unprecedented in financial services policy.”
McHenry has long advocated for stablecoin reform, going so far as to draft the yet-to-be-approved “Clarity for Payment Stablecoins Act” in 2023. If passed, McHenry’s bill would see stablecoins face regulatory oversight similar to that of the traditional finance sector.
Meanwhile, Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) are planning to unveil new stablecoin legislation that would “weed out bad actors while still promoting growth and innovation” as early as this week.
According to a recent Forbes report, the upcoming legislation would allow
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